Australian brewer Little World Beverages has seen annual profits leap almost 30% as it taps into booming domestic demand for premium beer.

Little World Beverages, the parent of Little Creatures Brewing, today posted net profit of A$2.7m (US$2m) for the 12 months to 30 June, a jump of 29.5% on the year. Revenues rose even higher, up 29.8%.

The fledgling Fremantle-based company, which floats on the Australian stock market, said sales growth centred on the popularity of the Little Creatures brand in the east of the country.

Little World Beverages said that its plans to build a larger brewery in Western Australia were "progressing well" with due diligence on two sites ongoing.

"The directors are pleased with the achievements of the company in its first year as a public entity, which have been in line with expectations, and are satisfied the Little Creatures brand is well positioned to participate in the continued growth of the premium beer segment," the company said.

Demand for premium beer in Australia has outpaced the wider beer market, rising 15% a year for the last five years.