Drinkers are familiar with the enjoyment a glass or two of beer can bring on a hot summer afternoon. They know that sluggishness then results. The same applies to Carlsberg.
The party is over. Input prices are soaring. The Danish company expects weaker earnings growth in the second half. The need to invest and a strong performance in the third quarter of last year will pull down growth rates.
Strong first-half organic operating profits this week were the foam on top of good volume growth. But the shares, down 12 per cent so far this year, remain weak.
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