Danish brewer Carlsberg posted half-year results slightly below expectations, but said it would maintain its 2016 outlook as its cost-cutting strategy shows progress.

The company reported a six-month operating profit before special items at 3.45 billion Danish crowns (€463.5 million), down 4 per cent from same period last year, with the beer producer undergoing heavy restructuring to stoke growth.

Sales volume falls

The company’s total sales volumes fell 1 per cent due to lower volumes in Britain, Poland and Eastern Europe, but organic revenue grew by 4 per cent.

"The new strategy of finding a balance between volume growth and value creation is already showing its effects," said Sydbank analyst Morten Imsgard.

Group revenue for the half year amounted to 31.2 billion crowns, just below analyst estimates of 31.8 billion in a Reuters poll.

The company maintained its full-year 2016 outlook of low-single-digit percentages organic operating profit growth, but the impact on operating profit from foreign exchange was raised to -600 million crowns from -550 million. – (Reuters)