SABMiller, the world's second largest brewer, reported a 27% rise in full-year profit and is confident it can build growth from its acquisition of US brewer Miller within three years.

With brands such as Castle lager, Pilsner Urquell and Miller Lite, SABMiller - which also agreed to buy Italian brewer Peroni last week - said pre-tax profit to the end of March rose to $770m from $606m.

Sales rose 109% to $9.1bn from $4.4bn, excluding the Miller operations sales would have been up 29% to $5.6bn up from $4.4bn.

SABMiller noted that much work was being undertaken on “rebuilding the Miller brands and reshaping the portfolio”.

The company said total beverage volumes grew by 52%, with organic growth of 3% while total lager volumes rose 65% with organic growth of 4.2%.