Carlsberg revises outlook after strong summer

Carlsberg revises outlook after strong summer
File photo: Henning Bagger/Ritzau Scanpix
Carlsberg has upgraded its expectations for the current year after a summer in which sales increased.

The company released its results for the first half of 2018 on Thursday.

Turnover of 31 billion kroner gave a net result of 2.9 billion kroner, an increase of 200 million kroner in comparison with the same period in 2017.

“We have delivered strong results for the first six months of 2018 with healthy growth in sales, margin improvements in several regions, strong cash flows and continued debt reduction,” CEO Cees ‘t Hart wrote in the publication of the results.

“We are happy to be able to revise our expectations upwards,” ‘t Hart added.

Carlsberg now expects a high single-digit figure for growth this year, the company wrote.

Asian and Eastern European markets both saw strong sales figures during the period, the company said.

“Progress was driven by growth in the market, which in turn was driven by good weather and the Football World Cup,” the company wrote.

Morten Imsgaard, Carlsberg analyst with Sydbank, said the result was very positive for the company.

“This is a very good result in which Carlsberg exceeded expectations on many parameters, even though expectations were already high because of the good summer,” Imsgaard said.

“But if you look past that, these results show that Carlsberg’s strategy of strong control of costs and higher sales of more expensive beer is working,” he added.

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