Heineken must make further acquisitions to drive earnings, analysts have said following Heineken's announcement of profits up 19.6% from Euro249m (US$225m) to Euro298m today.

Turnover was up 14% driven mostly by the consolidation of earnings from Nigerian Breweries. But organic growth accounted for only a 1% increase, the remainder derived from improved sales mix and higher selling prices.

Analysts from equity analyst WestLB Panmure said: "This organic growth increase is disappointing and underlines the belief that the group needs to make further acquisitions to drive earnings. Despite the speculation that the group may be interested in acquiring Brazilian assets and/or Carling in the UK, the [results] statement is totally bereft of any comment on the subject."

Despite the concerns though the analyst remained confident in the Heineken stock saying: "Importantly where Heineken is positioned in the premium segment, sales were 10% higher. The USA, Spain, France and Thailand accounted for most of this growth.

"Although the low organic growth and the direction of future acquisitions remain a concern we believe the Heineken has the best business model in the beverage sector."