Carlsberg reports strong H1 results despite continued COVID-19 impact
Organic revenue grew 9.6% over the half and 14.3% over the quarter, thanks in part to a gradual recovery of the on-trade in Europe. Reported revenue grew 9.9% to DKK 31,687m ($4.9bn) over H1.
Total organic volume grew 10% over the half year.
In terms of specific brands, Tuborg volumes were up 28%, Carlsberg up 2%, 1664 Blanc up 25%, Grimbergen up 3% and Somersby up 17%.
Another high point was the company’s craft and specialty division, which grew by 21% in the first half of 2021; compared to 9% growth in the same period in 2019. Alcohol-free brews grew by 26%, compared to 24% in the same period in 2019.
CEO Cees ‘t Hart says the company's success is down to its geographical footprint, brand portfolio, and successful execution of initiatives. However, he warns the pandemic continues to impact business performance, with market volatility and uncertainty remaining high.
“We’re very satisfied that the Group delivered a strong set of results despite the continued market uncertainty as a result of the pandemic," he said.
"Top-line growth, operating margin improvement and significantly higher cash flow demonstrate the strength of our geographic footprint and brand portfolio, and the strong execution of our initiatives to safeguard the short-and long-term health of the Carlsberg Group. The resilience of our strategic priorities is further evidenced by overall figures for H1 2021 being ahead of H1 2019, on a like-for-like basis.
“Across many markets, people and businesses unfortunately continue to be impacted by the COVID-19 pandemic. Although we see a gradual return to a more normal environment in markets across Europe, other markets, particularly in Asia, remain subject to severe restrictions due to new waves of the infection."
