CABGY Carlsburg AS (PK)

By Dominic Chopping

Carlsberg AS late Monday upgraded its full-year guidance after a strong performance in Europe and Asia.

The Copenhagen-based brewer said it now expects to post organic growth in operating profit in a high single-digit-percentage this year, up from previous guidance of minus 5% to plus 2%, or minus 1% to plus 7%, when fully excluding the Ukrainian business in 2021 and 2022.

Carlsberg said it has had a strong performance in the year to date, including in July, and achieved a consistent level of operations in Ukraine, more than offsetting the increasing commodity and energy cost pressures.

The company suspended production in Ukraine immediately after Russia's invasion and changed the accounting treatment of the Ukraine business. However, a consistent level of operations has now resumed at all three Ukrainian sites and its full-year operating result in Ukraine will again be included in group operating profit.

"Our Ukrainian colleagues have shown incredible strength and resilience," Carlsberg said.

"At their recommendation, we ramped up production at two of our three breweries during April and May and, by the end of June, production had also been reinstated at the third brewery," the company said.

Carlsberg first-half earnings will be published on Aug. 17.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

August 09, 2022 02:41 ET (06:41 GMT)

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