Carlsberg cut its full-year outlook on Wednesday because of deteriorating market conditions in the UK and eastern Europe but insisted its big investment in the Russian market would still pay off.

The Danish brewer now expects to make a net profit of DKr2.6bn ($455m) to DKr2.7bn this year, compared with more than DKr3bn forecast previously, on net revenue of DKr61bn, down from DKr62bn-63bn.