High dollar hurts

The winemaker Australian Vintage said the high value of the dollar is making it hard to grow profitably in Britain. The chief executive, Neil McGuigan, said the group's first-half results had been affected by the drop in sales of low-margin products in Britain, and the higher cost of last year's vintage. The winemaker booked a net profit of $3.3 million for the six months ended December 31, down from $3.7 million. Sales of bulk wine were also down because of reduced demand from North America. The winemaker said yields of the 2013 vintage were above last year. It expects full-year net profit to be in line with last year.

The winemaker Australian Vintage said the high value of the dollar is making it hard to grow profitably in Britain. The chief executive, Neil McGuigan, said the group's first-half results had been affected by the drop in sales of low-margin products in Britain, and the higher cost of last year's vintage. The winemaker booked a net profit of $3.3 million for the six months ended December 31, down from $3.7 million. Sales of bulk wine were also down because of reduced demand from North America. The winemaker said yields of the 2013 vintage were above last year. It expects full-year net profit to be in line with last year.

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