Pubs and brewing group Scottish and Newcastle toasted its transformation into an international player as it reported a jump in annual profits.
Chairman Brian Stewart said the business had passed a critical milestone after deciding to reshape at the beginning of last year.
The group behind Foster's and John Smiths has expanded its brewing arm through the acquisitions of Kronenbourg in France and Hartwall in Finland.
Leisure interests such as Center Parcs and more than 1,000 pubs have been sold off to generate cash to fund the restructuring.
Pre-tax profits in the year to April 28 rose by three per cent to £442.3 million before one-off costs, in line with estimates in the City.
And Mr Stewart said S&N now had an unrivalled combination of strong brands, experienced management and operational scope.
He said: "This year has seen a transformation in the shape and character of Scottish & Newcastle."
The next phase of the restructuring is likely to see further changes to the pub estate, which includes the Chef & Brewer and Rat & Parrot chains.
S&N said it was reviewing options to release capital currently tied up in its retail property interests.
Speculation has grown that the group may sell 1,000 pubs to raise the £1 billion due as a final payment for Kronenbourg to Danone.
Sales across S&N's retail estate rose by 4.1 per cent on a like-for-like basis in the last financial year with underlying profits up eight per cent to £213.8 million.
Operating profits in the group's UK beer business rose 5.3 per cent to £204.3 million with volume growth of 3.7 per cent driven by its key beer brands.
S&N's growing international beer division saw operating profits surge 52 per cent to £107.3 million due to a full-year contribution from Kronenbourg.
The group also benefited from the integration of Alken-Maes, the number two in Belgium, and Centralcer in Portugal.
Turnover across the three divisions as a whole dipped from £4.32 billion to £4.11 billion, reflecting the pub and leisure disposals.
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