By Ian Neubauer
South Australia’s Cockatoo Ridge Wines has reported a record net profit after tax of $4 million for the first half of the 2007-08 fiscal year.
Record receipts of $21.9 million were derived from an increase in domestic and export packaged and bulk wine sales following the acquisition of Australian Commercial Wines in June last year.
“Strong growth has come from increased focus on and marketing of the Cockatoo Ridge brand and targeted distribution of the premium Normans Old Vine and Chais labels,” the company said. “Cockatoo Ridge is experiencing sustained sales growth across its super premium, mid premium, private label and cleanskin tiers.”
Cockatoo Ridge’s export portfolio was bolstered with shipments to new agents in China and Europe. The company’s Griffith Park sparkling rosé won a gold medal in the Effervescents du Monde competition in France last year and as a result gained new listings in UK supermarkets.
The branded business also benefited from reduced costs in sourcing and production as a result of the acquisition of Australian Commercial Wines, while increases in bulk wine prices allowed the company to crush substantially more fruit and budget for increased profitability in 2008 and 2009.
Cockatoo Ridge shares are trading at 13.5 cents.