LONDON (ShareCast) - SAB Miller has revealed that fourth-quarter net income fell at MillerCoors, its joint venture with Molson Coors that contributed 15% of volumes in the first half of the year.
The FTSE 100 group also announced Tom Long, the 56-year-old chief executive of this 58%-owned North American business unit, has decided to retire in June after four years at the helm.

MillerCoors reported a fall in underlying net income by 11.8% to $213.3m during the quarter.

But the business achieved $30m of cost savings in the fourth quarter and $143m for the full year, thanks to savings on procurement savings, lower employee-related expenses and logistics and brewery efficiencies.

Long said: "In 2014, we made progress in growing our net revenue per barrel and transforming our portfolio to higher revenue brands while also restoring growth to Miller Lite."

Domestic net revenue per barrel grew 2.9% year-on-year and 2% during the last quarter thanks to "favourable net pricing and positive brand mix".

Shares in SAB Miller were up 1.21% to 3,552.5p on Tuesday at 13:27.

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