Pernod Ricard reported a sharp rise in annual profits boosted by its takeover of Allied Domecq, but the results missed market forecasts for operating profit.
However, the company said 2006/07 sales would grow at the top end of its long-term target of 4 to 6 per cent and maintained a goal for "strong double digit" growth in underlying net profit.
Group net profit in 2005/06, including charges linked to the Allied Domecq merger, rose 32 per cent to €639 million from a proforma €484 million a year earlier.
It was the first time Pernod had reported full year earnings under a new July 1st to June 30th fiscal year.
More closely watched underlying operating profit rose 72 per cent to €1.26 billion - below the average forecast in a Reuters poll for €1.30 billion.
Pernod said the operating profit figure included a €50 million contribution from brands such as Bushmills and Glen Grant whiskies that were sold after the Allied merger.