S&N sold its chain of pubs to focus on brewing

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.