Heineken raises guidance despite first-half miss and impairment

Brewer had disappointed the market in February by setting a wide-ranging outlook for profit growth.

The world's second-largest brewer said upsides from sporting events did not materialise. Picture Dan Linehan

Heineken's beer production volumes increased by 0.6% across Europe in the first half of the year despite adverse weather across the continent in June.

Releasing its half-year results, the world's second-largest brewer reported a 12.5% rise in operating profit to €1.5bn, a figure below analysts' forecasts. Shares in the company fell sharply in trading yesterday.