Miller Brands UK posts record results
Spending by so-called 'Generation Y' consumers - people in their 20s and 30s - have helped Miller Brands UK deliver its best set of financial results since the operation was formed four years ago.
The group said that in the 12 months to March 31, 2009, it grew its value share of UK premium lager by a fifth and that all of its brands "significantly outperformed" the wider lager market.
The group said Peroni Nastro Azzurro delivered 40 per cent year-on-year volume growth - equivalent to an additional 35 million bottles.
Pilsner Urquell volumes rose by 20 per cent, it added and in Scotland Miller Genuine Draft also outperformed the market.
The group said these numbers contrasted with overall UK beer market volumes which fell seven per cent over the same period, with premium beer down by more than six per cent.
Nick Miller, managing director of Miller Brands, said many people in their 20s and 30s were responding to their first ever recession by refusing to give up luxuries altogether - unlike their parents, who would have "battened down the hatches".
"Instead, this so-called 'Generation Y' is choosing instead to buy every-day luxuries such as their favourite beers, foods or toiletries, whilst proving more cautious about spending on ostentatious items like cars and designer handbags."
Miller Brands UK's parent company, SABMiller, said its turnover for the year, excluding associates and joint venture revenue, fell 13 per cent to US$18.7bn (£12.3bn).
Pre-tax profits for the group fell nine per cent to US$2.96bn (£1.95bn).
SABMiller said consumer demand had weakened during the year and there was "little visibility as to the timing of any recovery".
"However, the group remains confident in its medium term prospects. We are taking appropriate short-term mitigating actions in certain countries to reduce costs.
"Investment plans have been reviewed and curtailed where necessary in the light of expected economic conditions, but we continue to invest selectively to support growth," it said.
