The UK's biggest brewer, Scottish & Newcastle, has announced it is looking to make £50m of cost savings over the next three years.
The firm - whose brands include Fosters, Strongbow and Kronenbourg - employs 4,500 people but gave no details of possible job cuts.
It said it aimed to make the savings by being more efficient in producing and distributing its products.
The proposals came as it announced 2006 pre-tax profits were up 14% to £452m.
Scottish & Newcastle's (S&N's) annual sales rose 7% to £4.15bn.
S&N also said that the smoking ban in England and Wales - due to come into force in the summer - would hit sales and predicted 2007 profits would lose £10m because of the ban.
The brewer said it was yet to finalise where the proposed savings would be made.
"We are looking at a number of options," said finance director Ian McHoul.
"They may involve job reductions but where they do, our people will be the first to know."
S&N's shares closed down 4% on Tuesday.