The company also reported an increase in EBITS of 52 per cent. In Australia and New Zealand alone, EBITS grew by 4 per cent to $92.3m, driven by volume growth of the company's Priority Brands, brand building and improved price realisation on supply constrained wines.
"I am very pleased with our performance in fiscal 2016. We have a refreshed Priority Brand portfolio and momentum is continuing to build across our regions and importantly, our results are being delivered sustainably," TWE's Chief Executive Officer, Michael Clarke said.
The Board presented good news for TWE shareholders, after declaring a final dividend of 12 cents per share, bringing the total dividend for FY16 to 20 cents per share; representing a 6 per cent share increase and 67 per cent payout ratio.
The company expects to deliver a high-teens EBITS margin by FY18, driven by the acquisition of Diageo Wine and cost improvements from its supply chain. TWE said that it is also expecting to deliver significant value for its shareholders through continued growth in its earnings and the optimisation of the business.
Image: Penfolds Kalimna Vineyard, Barossa Valley, South Australia
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