S&N sold its chain of pubs to focus on brewing
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The UK's biggest brewer Scottish and Newcastle (S&N) has said investment in new brands has helped it grow sales amid challenging trading conditions.
The maker of Kronenbourg, Fosters and John Smith's ale has been expanding its product range over the last four years.
Pre-tax profits fell to £373m ($710m) in the year to December, from £471m a year earlier after the firm sold its 1,406 pubs to focus solely on brewing.
After stripping out the effects of the pub sale, underlying profits rose 11%.
"The results demonstrate how the greater diversity of our business allows us to manage challenging conditions in local markets and still meet our financial objectives," said S&N chairman Sir Brian Stewart.
S&N has bought Kronenbourg, Finland's Hartwell, and Hereford cider maker Bulmer's in recent years.
In November, it invested in China's Chongqing Beer Company and the following month, took a 37.5% stake in India's United Breweries, the maker of Kingfisher beer.
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