Carlsberg: forecasts maintained after solid H1

(CercleFinance.com) - On Wednesday Danish brewer Carlsberg reported H1 results that are well above expectations, maintaining its FY forecast, in particular thanks to sound cost control.


Even so, the Copenhagen-based brewer posted a H1 net loss of 5.3 billion Danish kronor in the first six months of the year due to heavy impairment charges on its operations in Russia, Ukraine and Central and Eastern Europe, which totalled over 10 billion Danish kronor.

In published figures, however, operating profit rose by 36% to 6.4 billion Danish kronor, showing an operating margin that improved by 1.7 point to 18.2%.

Sales rose 23.6% to 35.5 billion Danish kronor, above the consensus of 33.4 billion Danish kronor.

The Danish group reiterated its target FY organic growth range of 5% to 10% (top of this range), while reducing its financial cost estimate for the year.

Last week the brewer announced that it was raising its operating profit target for 2022, in particular on the back of a "solid" level of activity in July.



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