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News
S&N shares down 3%
Shares in Scottish & Newcastle fell 3% after the brewer announced a decline in beer revenue in the UK in the third quarter of the year. S & N blamed the 6.7% fall in the beer market on stock overhang from the World Cup, as well as a "more depressed consumer environment". The brewer predicted that the smoking ban next year in England and Wales would contribute to a further decline.
S&N’s performance elsewhere in the world was more promising, however. Significant volume growth was reported in the company’s joint ventures in India, China and Russia. Volume sales also increased in Portugal, primarily driven by the brewer’s Sagres brand
The brewer retains a strong position in the branded beer and cider market in the UK. The company’s top four brands, Foster’s, Kronenbourg 1664, John Smith’s and Strongbow increased 2% in volume, while a greater emphasis is being placed on the Bulmers Original cider brand. An outdoor campaign in October is being followed up with a pre-Christmas television campaign for the company’s cider over ice proposition, airing today for the first time.
© db 8th November 2006