Foster's Group Ltd has ruled out short-term acquisitions following the release of its year-end figures. Quoted by Asia Pulse, the Australian beer and winemaker's CEO, Trevor O'Hoy said: "Nothing's changed in our strategy in terms of M&A (mergers and acquisitions).

"We have some major, major challenges in our wine group," he added.

"We are not in a position to pursue M&A at this stage until we get the financial metrics of this business headed in the right direction and at the right level."

O'Hoy said the only thing that could alter this was a potential target being put on the table at "an absolutely knockout price".

"And I wouldn't expect that," O'Hoy said.

Foster's today reported a full year net profit after tax of A$799.3m, up 72.7% on last year. However, the figure includes significant items of A$329.9m after tax. Normalised net profit after tax, excluding the discontinued Australian Leisure and Hospitality (ALH) business. was only A$549.2m, a 1.5% rise.