Falling lager volumes in Europe contributed to a dip in overall sales as Peroni brewer SAB Miller announced in its final results for the past 12 months.

Pre-tax profits fell by 1% to $2.93bn in the year to 31 March, as sales fell by 4% to $18.02bn.

European lager volumes were down 5% on an organic basis, which the company attributed in part to its “robust pricing”.

“In a year characterised by very difficult trading conditions, the business has delivered another strong performance, capitalising on our excellent market positions and unique portfolios of leading local and international brands,” said SAB Miller chairman Meyer Kahn.

“Profits and cash flow have improved significantly and, at the same time, we have continued to support current and future growth opportunities, particularly in our developing market businesses.”

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