LONDON, Feb 6 (Reuters) - Carlsberg on
Thursday reported annual operating profit growth at the top of
its guided range and forecast higher than anticipated growth for
2025, sending the Danish brewer's shares 6% higher.
Carlsberg, the world's third largest brewer behind
Anheuser-Busch InBev and Heineken, said
organic operating profit grew 6% for the full year, versus a
guided range of 4% to 6%, though volumes missed analysts'
expectations.
The company anticipates between 1% and 5% growth in organic
operating profit for the current year. Some analysts, including
at Jefferies and Barclays, had anticipated 0% to 4% growth for
the maker of brands like Kronenbourg 1664, Tuborg and Somersby
cider.
CEO Jacob Aarup-Andersen cast 2024 as a year that will
"shape the future of Carlsberg," including via major shifts like
its acquisition of British soft drinks maker Britvic
and the troubled sale of its Russian business.
The Britvic deal, completed in January, has weighed on
Carlsberg's shares and price-earnings ratio since it was
announced in July, with investors questioning its merits.
Carlsberg reiterated on Thursday that the deal would help
the brewer diversify to offset declines in beer consumption in
western markets and deliver cost synergies.
Demand in China, Carlsberg's largest market, remained
subdued, driving down volumes, and challenges there were
expected to continue, Aarup-Andersen said.
Carlsberg did, however, outperform the wider beer market in
China, which it projected was down 4%, which it attributed to
gaining market share.
It flagged strong growth for its portfolio of expensive
beers in markets including China, comments likely to be welcomed
by investors after an economic slowdown saw drinkers in
Carlsberg's largest market ditch its pricier labels.
For the current year, it forecast a "relatively stable"
consumer environment, but warned uncertainty around consumer
sentiment remained in Asia and Europe.
($1 = 7.1800 Danish crowns)