Bacardi has seen a 21% fall in net profit to US$331m in the year up to 31 March. However, the company was hit by a weakness in the RTD market and a number of one-off items. Growth in its core brands and cash flow remained strong.

Boosted by exchange rates, sales were up to US$3.3 billion from US$3.08 billion last year, a jump of 7%.

However, RTD sales declined, particularly in Europe, where the company's brands include Bacardi Breezer. Overall RTD sales fell 13% with Breezer falling 17%.

On top of that, Bacardi took a number of one-off hits. These included a decision to destock in the US and Mexico and the acquisition of a US$20m cost pricing information system. A Bacardi spokesperson also told just-drinks that the company had paid off a US$36.9m interest rate swap and incurred some restructuring costs during the year.

"It's critical to look at the core brands," the spokesperson said, "and they are all healthy."

Bacardi Rum sales were up 2% in the year. Martini-Rossi saw sales leap 25% and Bombay Sapphire reported double digit growth in depletions. However, Dewars was fairly flat after a good year in the US and Spain was balanced out by more difficult trading in Venezuela and the Dominican Republic.

Overall, sales volumes fell 5% to the equivalent of 76.5m nine-litre cases. Pre-tax profits were down 13% to US$412m.