Even hard drinking Britons could not lift Carlsberg

Although the brand notched up a 5% gain in UK sales during the first half of 2003, group profits fell to 1.25bn Danish kroner (�117m; $189.8m) from 1.81bn Danish kroner a year earlier, the brewer said.

The company blamed uncertain global economic conditions, saying drinkers were reluctant to spend.

Overall, January to June sales fell to �1.53bn from �1.65bn during the same period last year, the brewer said.

Investor cheer

But the Danish brewer reiterated its earlier forecast that profits for the year as a whole would be in line with those for 2002, taking some analysts by surprise.

Chief executive Nils Smedegaard Andersen said: "It will be difficult to reach, but I'm confident we can make it."

Investors were cheered by news that sales had picked up in June and July amid signs of improved consumer confidence following the end of the Iraq war.

Carlsberg added a decline in operating profit for Carlsberg-Tetley - the UK's fourth biggest brewer - during the period was mainly the result of higher restructuring, marketing and pension costs.