Danish brewer Carlsberg has lifted its operating profit growth outlook for this year as it has been able to resume operation in Ukraine and on the back of strong performance in Europe and Asia, it said on Monday.
'The group has delivered better-than-expected business performance, particularly as a consequence of strong on-trade recovery in our European markets and strong results in many Asian markets,' it said in a statement.
Impact Of Ukraine War
Carlsberg suspended production at its Ukrainian breweries after Russia's invasion but has since managed to ramp up at all three sites meaning that its full-year operating result in Ukraine will now again be included in the operating profit.
The company noted that its 'Ukrainian colleagues have shown incredible strength and resilience, delivering an outstanding effort while navigating both the humanitarian crisis and the enormous business challenges since the outbreak of the war'.
Earlier, Carlsberg said its beer sales in Poland fell by 3-4% in March and have continued to drop in April, underlining the troubles facing brewers in a market which has been declining as consumers switch to wine and spirits.
Organic Growth Outlook
It now expects 'high single-digit-percentage organic growth in operating profit' this year. This replaces a previous guidance from April 21 of -5% to +2% operating growth.
The company will publish its interim financial statement for the first half of it financial year on 17 August.
Elsewhere, Heineken has posted higher-than-expected first-half earnings, as consumers bought more beer despite inflationary pressures, but the world's second-largest brewer shelved its margin target for 2023 as costs spiked.