Emerging markets were again the key to growth for SAB Miller in the past year.

The Peroni brewer said beer volumes were up 3% for the fourth quarter and also for the year as a whole, with increased sales in Latin America and Africa offsetting continued falls in Europe and the US.

Bucking the trend across Europe, UK volumes were up by 8% for the quarter, buoyed by growth of Peroni Nastro Azzurro. But SAM warned that volumes at the Australian Foster’s business, acquired by SAB Miller last September, had fallen by 4% in the three months of its ownership.

Overall sales were up 10% against the previous year, SAB said in its latest trading statement.

“The SAB growth story remains firmly intact and revenue momentum is encouraging, but there are still trading headwinds keeping us cautious,” said Investec analyst Martin Deboo.