By James Atkinson

Australian Vintage, owner of the McGuigan, Tempus Two and Nepenthe brands, increased sales to the UK and Europe by 9 per cent in the half year to December 31 despite a record high Australian dollar.

Australian Vintage's sales were up 4.4 per cent overall to $116.4 million, a result chief financial officer Mike Noack attributed to the company's strong performance in Europe.

"The numbers don't show it because the exchange rate keeps going up," he told TheShout.

Latest articles:
Bar licensee cops 14-day suspension
Bottle shop owner charged over beer theft
First look at Sydney's newest microbrewery

Australian Vintage booked net profit prior to significant items for the half-year of $3.73 million, which was slightly down on last year's result of $3.84 million.

Its total branded sales volume declined by 2 per cent, which it attributed to the decision to focus on key brands.

"This strategy has resulted in the McGuigan branded volumes increasing by 17 per cent during the period with the McGuigan brand now one of the top 10 wine brands in the UK."

But chief executive Neil McGuigan acknowledged the company had experienced a "slump in second tier branded products".

"Australian Vintage will continue to drive its branded business with a particular focus on the McGuigan, Tempus Two, Nepenthe and Miranda brands," the company said in a statement.

"The business continues to look at new opportunities with a particular focus on establishing a long-term distribution partner in China."


The Shout Team

The leading online news service for Australia's beer, wine, spirits and hospitality industries.

Leave a comment

Your email address will not be published. Required fields are marked *