By James Atkinson
Treasury Wine Estates (TWE) has reported currency-adjusted EBITS of $193 million for the year ended June 30, a figure that is at the lower end of its previous guidance.
TWE previously said it would deliver EBITS in the range of $190 million to $210 million.
CEO Mike Clarke said he was pleased the company had been able to deliver this result despite a number of operational and trading headwinds during the year.
"Having taken the necessary steps in the final quarter of fiscal 2014 to drive improved performance, including increasing consumer marketing, reducing TWE's cost base and addressing structural challenges within the business, I am confident the company is now positioned for future success," he said.
However, TWE said its Australia and New Zealand business had been a disappointment, with EBITS down 31.5 per cent to $75.1 million.
"TWE’s Luxury portfolio performed strongly, supported by the Wines of Distinction program with Pepperjack, Wynns and Penfolds in strong volume and value growth in fiscal 2014," the company said.