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Carlsberg reported 2017 profit well below analysts’ expectations, hit by a fall in sales and a large writedown in its key Russian market.
According to reports, Carlsberg sales in the UK also fell 6 per cent. The world’s third-largest brewer said beer volumes grew in all markets last year except Russia, where volumes declined by 14 per cent and its market share fell to 31.9 per cent from 34.6 per cent over the year.
“Our Russian volumes and market share were severely impacted by the (..) downsizing,” Carlsberg Chief Executive Cees ‘t Hart told media today. Russia provides around a fifth of Carlsberg’s sales.
The company said it expected operating profit to grow by a percentage in the mid-single-digits this year.