Carlsberg 2020 results benefited from off-trade volume increases.

Carlsberg released its 2020 results which show better than expected results during the tough 2020 period. Key was an offset from the off-premise trade against the Covid-19 impact to the on-premise consumption lost through lockdowns and social distancing guidelines. Overall, organic revenues were down by -8.4%, volumes -3.8% and organic profit down by -3.1%. These results give some hope to the beginning of a rebound in 2021 as on-premise consumers return (at some stage).