Belfast Telegraph

SABMiller sees 16% drop in adjusted full-year pre-tax profit

Castle Lager maker SABMiller has reported a 16% fall in adjusted full-year pre-tax profit to 4.1 billion US dollars (£2.8 billion) as it counted the cost of its tie-up with Anheuser-Busch InBev and charges linked to its African operations.

The London-based firm was stung by a 573 million dollar (£396 million) impairment charge related to investments in Angola and South Sudan and 160 million dollars (£110 million) in merger costs.

The firm is offloading several assets - including Peroni, Grolsch and Meantime - as it moves to appease regulators ahead of the £71 billion mega merger with ABInBev, which will create a drinks giant controlling 30% of the global beer market.

Revenues were down 10% at 19.83 billion dollars (£13.73 billion) as the firm was hit by currency headwinds linked to the stronger dollar.

Nevertheless, chief executive Alan Clark said "these are good results".

He added: "This performance reflects our focus on driving superior growth by strengthening our core brands, expanding the beer category to reach more consumers on more occasions and placing an emphasis on premiumisation in all regions."