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Beer leads the way for Fosters

Published:  25 August, 2009

Foster's Group - Australia's largest brewer - has announced a 4% rise in profit for the full year on the back of a powerful performance by its beer division.

The company, under the operational supervision of Carlton and United Breweries, revealed that wine sales lagged behind the performance of its beer division where sales had lifted by 2.7% to $4.5 billion.

Ian Johnston, chief executive officer at Foster's, said the company's progress had been strong - with the separation of its wine and beer divisions going to plan.

"In the six months since announcing a major transformation program, Foster's has put in place a new strategy; a new company structure; and is embedding a new culture across the business," he said.

"Organisational renewal is accelerating with new operational leadership in the Americas, Australasian wine and Carlton & United Breweries. This year's result includes $21 million of efficiency benefits and Foster's remains on-track to deliver $100 million of benefits in 2011."

Mr Johnston said the result showed the strength of Foster's given the economic climate it was faced with.

"The Australian beer, cider and spirits business, now known as Carlton & United Breweries, returned an excellent result," he added.

"Australian beer volumes were up in a good domestic market and we continue to leverage our leading innovation program for strong earnings growth.

"Overall, our brands are in very good shape, holding their own in a tough consumer environment."