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Chief executive's review

Now that we’re established in the top tier of international brewers, we aim to achieve sustainable growth in earnings by building on our existing operations, restoring Miller in the US, strengthening our positions in China and India and widening the reach of our premium brands.

Well positioned to keep growing

In a year of excellent results, our strong growth in reported earnings is due to three main factors. Firstly, we’ve seen sound operational performances from each of our businesses around the world. Secondly, while there’s still much to be done, our turnaround programme at Miller is starting to deliver results, with particular momentum behind the Miller Lite brand. Thirdly, we’ve benefited from currency movements, mainly the strengthening of the rand which has enhanced the strong organic growth and operational improvements of our South African businesses.

All these factors have contributed to the year’s excellent figures. Total beverage volumes were up 15% at 173.9 million hectolitres with lager sales rising 19% to 137.8 million hectolitres. Further details of our performance are in the review of operations.

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Picture of Graham Mackay - Chief executive
Graham Mackay
Chief executive