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SABMiller reports 55% rise in earnings

24 May 2012 Last updated at 16:03 BST

The world's second biggest brewer has reported a 55% rise in earnings.

SABMiller made $5.6bn before tax and exceptional items last year.

The fall in European revenue was more than offset by soaring sales in Asia, Africa and Latin America.

Earnings were also boosted, in part, by its takeover of rival Fosters in September.

However, the South African group warned profits were being squeezed by high raw material costs.

Russell Padmore reports.