SABMiller highlights sales growth as AB InBev mulls bid

“Particular highlights were our very strong lager volume growth in these regions, together with double digit net producer revenue growth in the second quarter in Africa”, Clark said.

SABMiller said revenue would be weaker because of the “continued depreciation of our key operating currencies against the USA dollar”.

Much of SABMiller’s performance in the second quarter was mainly driven by growth in Latin America and Africa.

Belgium-based AB InBev – the world’s biggest beer firm – has just over a week to go to make a formal bid for SABMiller or walk away under United Kingdom takeover rules.

ZIMBABWE is the only market in Africa where SAB Miller’s beer and soft drink volumes experienced a decline in the second quarter through September.

“While adverse currency movements have materially impacted our reported results, we have a strong business with exceptional long-term prospects”. “Our strategic priority of driving superior top-line growth through strengthening our brand portfolios and expanding the beer category is showing clear results”. Since then the two companies have engaged in informal talks.

AB InBev’s bid to create a $275 billion (£181 billion) brewing colossus was revealed by SABMiller in the middle of last month with every sign that the Belgian-American bidder was keen on a friendly deal.

With the deadline for the Budweiser-to-Stella brewer AB InBev to “put up or shut up” looming next Wednesday, SABMiller brought forward its regular first-half trading statement by more than week. The company said the figures showed it had a strong future with or without a merger.

SABMiller, which makes beers such as Peroni and Pilsner Urquell, dived 2% at the start of trade and is now down 1.7% at 8.26 a.m. BST (3.26 a.m. ET). The stock has risen 10.3 percent since the start of the year and the company’s market capitalisation now stands at £59.9 billion.

Phil Carroll, an analyst at Shore Capital, said “extreme” changes in foreign currency rates would likely see City forecasts for SABMiller trimmed, but said the underlying performance at the group was “strong and might surprise a few in the market”. The same consensus estimate has been maintained since September 22, 2015, when the sentiment of investment analysts improved from “hold”.