The Canadian brewer, whose UK portfolio includes Carling, Madrí Excepcional and Staropramen, reported group net sales down 1.6% to $2.93bn (£1.55bn) in the third quarter, while underlying pre-tax profit fell 17.4% on a constant currency basis to $349m (£185.2m).
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The UK was a key drag on trading within the company’s EMEA & APAC division, where net sales declined 2.7% to $701.4m (£372m) and brand volumes fell 3.8%.
Molson Coors said lower volumes were driven primarily by weaker UK demand and a more competitive market environment. Financial volumes in the region were down 3%, while revenue was partly supported by premiumisation and favourable product mix.
President and chief executive Rahul Goyal said trading conditions had become more challenging as the year progressed.
- This story originally appeared in The Morning Advertiser’s sister publication MCA. Read the full story here.
