Drinks group Diageo has reported a 5% rise in annual profits.
Its pre-tax profits for the year to the end of June were £2.36 billion, as growth in emerging markets and North America made up for problems in Europe.
Sales fell sharply in Greece and Spain. Irish sales were also down.
The BBC reports profit growth for the full year was weaker than the 15% rise reported for the first six months of the year.
Chief executive Paul Walsh warned that Diageo was ''not immune from a fragile global economy''.
Diageo, which owns brands such as Guinness, Smirnoff and Johnnie Walker, announced on Wednesday that it had completed the acquisition of Mey Icki in Turkey.
