Asian markets drive Q1 revenue growth at Carlsberg

Danish brewing giant Carlsberg on Tuesday announced a DKK1.0bn (£110m) share buyback after a solid start to 2024 with strong growth in Asia and Central and Eastern Europe.

Revenues were up 6.4% on an organic basis, with growth in Asia at 7.6% – helped by strong performances in China and Vietnam – following by a 7.3% increase in Central & Eastern Europe and India (CEEI) and 5.1% growth in Western Europe.

Volumes grew at a slower pace – rising 2.1% on a group level to 29.2m hectoliters – but price increases meant headline revenue growth was 4%.

Volume growth was driven by its premium beer brands such as Carlsberg and Tuborg growing 8%, while alcohol-free brew volumes rose 2% and drinks in the 'Beyond Beer' category fell 1%.

Volumes rose 3.1% in Asia in the first quarter, with China in particular seeing growth of 5% helped by a Chinese New Year boost; volumes rose 2.2% in CEEI and 0.2% in Western Europe.

“We’ve had a solid start to the year with volume and revenue growth in all three regions. We’re particularly satisfied with the growth of our premium portfolio and the volume and revenue growth in Asia, both of which are important strategic growth drivers for the group," said chief executive Jacob Aarup-Andersen.

"First-quarter performance was in line with expectations, and we maintain our full-year earnings outlook," he said.

Carlsberg said it continues to expect to grow organic operating profits by 1% to 5% in 2024, though currency movemments will have around a DKK250m negative impact on reported operating profits.

The stock was down 0.8% at kr945.20 by 1051 in Copenhagen.