UK: AB InBev’s UK branch continues to suffer significant losses
The UK branch of AB InBev, the brewer behind Budweiser, Stella Artois and Corona, has continued to suffer significant losses during its latest financial year despite hiking prices. The London-based division hasn't reported a pre-tax profit since the £40.9m it posted in 2020.
Since then, the company has recorded losses of £6.4m in 2021, £89.5m in 2022, and now £72.1m in 2023, as reported by City AM.
Recently filed accounts at Companies House reveal that AB InBev's UK revenue rose from £1.59bn to £1.66bn in 2023. A statement approved by the board read: "The UK economic environment in 2023 posed significant challenges for our business."
It added: "Persistent inflation, driven by high energy and food costs, resulted in volatile input costs, supply chain disruptions and shifting consumer demand as households managed reduced disposable incomes."
Despite some inflationary relief later in the year, economic uncertainty persisted, necessitating agile supply chain management and strategic pricing adjustments. As a result of this challenging environment, the beer industry saw a downturn compared to 2022, particularly in the off-trade sector, driven by increased consumer prices and government beer duty hikes from August.
The statement concluded: "The off-trade sector remained fairly stable, though it continued to lag behind pre-pandemic levels."
The broader AB InBev group, which is based in Belgium, is listed on the Euronext Brussels and also has secondary listings on the Mexico City Stock Exchange, Johannesburg Stock Exchange, and New York Stock Exchange.
In the same financial year, the group reported a revenue of $57.78bn (£43.13bn), a decrease from $59.38bn (£44.32bn), while its profit increased from $6.89bn (£5.14bn) to $7.59bn (£5.66bn).
For the first half of its current financial year, AB InBev reported a revenue of $29.88bn (£22.30bn), compared to the $29.33bn (£21.89bn) it posted for the same period in 2023.
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