By Andrew Starke
With the deadline having passed for companies listed on the Australian Stock Exchange (ASX) to report annual results, TheShout offers a final round-up of those full-year accounts recorded by pub and liquor industry groups.
Australian Vintage (AVG)
The company reported nine percent sales growth, which it said outperformed the industry.
However, restructuring over the past 12 months led to write-downs of $127 million after AVG management decided the traditional wine company model was no longer sustainable.
“The bottom line is that the Australian wine industry is facing a new stark reality, the golden age has well and truly gone,” said AVG CEO Dane Hudson.
“We have rebased the business, restructured the assets, dramatically improved cash flow, created a flexible supply and operations platform and you can see the results starting to come through.”
AVG’s board also confirmed that Ian Ferrier has been confirmed chairman of Australian Vintage.
Compass Hotel Group (CXH)
Trading in Compass Hotel Group shares has remained suspended after the pub group failed to report its results.
CXH operates 12 pubs in Western Australia.
In a statement to the ASX, director Roland Hill said the company would not be in a position to publish results until they could appoint at least two qualified and experienced directors.
The company recently shed its CEO, managing director, chairman and an independent director, with company secretary and group financial controller Malcolm McLean joining the exodus at the end of August.
However Hill remains upbeat: “Compass’s operating venues continue to achieve revenue targets and operational cost containment as budgeted.”
Empire Beer Group (EEE)
WA’s Empire Beer Group has reported losses of $736,158 for the financial year, an improvement on the $3.4 million loss reported the previous year.
The company announced June that it had yet to find suitable new business opportunities to invest $1.9 million raised through the release of new shares in April and monies earned from the sale of its two pubs in East Perth and Margaret River last year.
In a statement to the ASX, the company said: “[We] continue to evaluate companies and businesses we think are undervalued or present an opportunity to increase shareholder value.”
“In the meantime, the company is carefully managing its cash reserves to ensure a meaningful return for shareholders while retaining relatively low risk.”