Shares in SABMiller were up on the FTSE 100 in morning trading after the brewer reported a rise in revenue and lager volumes in the third quarter ended 31 December.

SABMiller, which owns brands such as Grolsch and Castle Lager, said that its financial performance during the quarter had been in with its expectations.

Group revenue was reported as rising six per cent in the period, while larger volumes increased three per cent and soft drink volumes rose five per cent.

Larger volumes grew particularly in Africa and Asia, both up 12 per cent, but also rose in South Africa by three per cent. In Europe volumes were broadly flat, while in South America volumes decline by one per cent.

During the quarter SABMiller acquired Cervecería Argentina S.A. Isenbeck, which is the third largest brewer in Argentina.

By 11:00 shares in SABMiller were up1.73 per cent on the FTSE 100 to 2,209.50 pence per share.