ADVERTISEMENT

Australian Vintage set for strong year after record profit

Australian Vintage has outperformed the wine sectors in its key markets to deliver a 79 per cent jump in net profit, according to The Australian.

The Adelaide-based wine company said factors which fed into its success included performance against its long term strategy to bolster its key brands, the “outstanding’’ success of is McGuigan zero alcohol range, and the fact that it had very little exposure to the now virtually closed Chinese wine market.

AVG posted a net profit of $19.6m, up from $10.9m, on revenue of $274m, up by $6.8m.

Chief executive Craig Garvin said over the financial year sales of the core brands – McGuigan, Tempus Two, Nepenthe and BVWC increased by 12 per cent to $195.1m.

 

Read the full story here (possible paywall).

Are you a Daily Wine News subscriber? If not, click here to join our mailing list. It’s free!