Olvi Group, the Finland-based brewer and soft-drinks group, has raised its forecast for underlying operating profits.

The company behind Denmark’s Bryggeriet Vestfyen and Latvia’s Cesu Alus said today (14 October) it estimates its “adjusted operating result” will be €78-84m ($85.1-91.7m) in 2024.

In a brief statement, the listed group said: “The measures to improve profitability have enabled a better operating result than previously expected.”

In the first half of the year, Olvi reported a 0.1% rise in its net sales to €325.1m as price increases helped offset a 1.1% fall in volumes.

The Olvi and Sandels brewer first-half adjusted operating profit increased 8.8% to €42.2m amid a “slowdown” in cost inflation and “market-specific” price increases.

Olvi is set to report its third-quarter results on Wednesday. It added today: “There are uncertainties around the estimate, related to intensified competition, especially in the Baltics and Belarus exchange rate development.”

Olvi plc, Olvi Group’s parent company, holds 100% of Estonian brewery A. Le Coq, 99.88% of Latvian business Cesu Alus and 99.66% of Volfas Engelman in neighbouring Lithuania.

It also owns 96.4% of Denmark’s Bryggeriet Vestfyen and 96.4% of Belarusian brewery Lidskoe Pivo.

The group fully owns Finnish importer Servaali Oy and The Helsinki Distilling Company.