SABMiller, the world's second largest brewer, met analysts’ expectations when it announced delivered a trading statement for the third quarter. The company said that “volumes in its South African operations were up 2.6% in the period, supported by a strong marketing effort, a more stable consumer environment and favourable weather. These means years to date volumes are now up some 1% over last year.”

Reported earnings from all the South African businesses for the nine months are ahead of prior year, assisted by improvement in the rand dollar exchange rate during the third quarter.

In the US Miller Brewing Company's domestic volumes, excluding contract brewing, remain behind last year, down 3% for the six months since acquisition. However the company said it was focusing on a wide range of business areas and initiatives to combat this. But the European operations continue to perform strongly, maintaining the momentum of the first half, with volume growth of 11.6% for the three months. "Key brand performance for the quarter has been pleasing with Pilsner Urquell up by 13.5% domestically and Miller Genuine Draft volumes in Russia almost doubling," the company said.

The group's objective of delivering real earnings per share growth for the full year remains intact, it said.

In a note, beverage analyst Stuart Price of WestLB Panmure said: "SAB trading statement is in line with our expectations. Given the improvements in the Rand-US$ exchange rate we may have to tweak our EBIT up by 1-2% to US$290m. Europe has continued its excellent performance - volumes up 11.6%. This has to be offset against the continuing weaknesses in Central America. Miller saw volumes down 3% - this may come as some surprise but there is a turnaround strategy in place: RTDs have been stopped and there is new CEO. We reiterate our positive stance on the stock with a 500p target price."

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