By Ian Neubauer
Cockatoo Ridge Wines (CRW) has posted a record after-tax net profit of approximately $7.1 million for the 2007-08 fiscal year.
The announcement coincides with the retirement of Ivan Limb, who is standing down from day-to-day management but will remain on the board as a non-executive director.
CRW managing director thanked Limb for his service, noting that he had steered the company through a number of difficult years and overseen the merger with Australian Commercial Wines and its subsequent integration into the business.
Replacing Limb is Stuart Richardson, an existing company director who will take on the role of non-executive chairman.
Richardson welcomed Limb’s decision to remain on the board and continue to provide valuable experience. He also warned the industry may continue to face challenges posed by water scarcity and the ongoing drought.
CRW shares have steadily gained ground in the past seven days, climbing from 8.7 cents to 9.5 cents on Friday.