ABI released its Q3 update. Revenue grew +7.9% organically (consensus +6.7%) whereas organic volumes were up +1.5% (cons. +0.9%). Revenue per hl grew 6.3%. On reported figures revenue was down by 7.1% due to an adverse FX effect. Total normalised EBITDA margin progressed by 58bp organically and was 10bp down on a reported basis.