Australian Vintage Limited (AVL) has increased its half year net profits by 0.4 million, reporting half year net profits after tax at $4.4 million versus $4.0 million in the prior period.The wine company also reports total revenue growth, by 16 per cent, as well as increased sales of the McGuigan, Tempus Two and Nepenthe brands, by 19 per cent.
AVL Chief Executive Neil McGuigan says the growth of its three core brands is encouraging.
“Our branded business continues to grow and what is really pleasing is the continued growth of all our three key brands.”
"However, due to the higher cost of our 2014 vintage and some large bulk wine sales, the improved sales did not directly translate into improved margin dollar”, Mr. McGuigan also said.
Nevertheless, the 2015 vintage is looking positive according to Mr. McGuigan, with yield and quality seeming good. AVL will provide the market with an update once the 2015 vintage has been completed.
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