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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.
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By InvestSMART · 28 Feb 2013
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By InvestSMART ·
28 Feb 2013
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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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Frequently Asked Questions about this Article…

The company said the high value of the dollar is making it hard to grow profitably in Britain. According to CEO Neil McGuigan, first-half results were affected by a drop in sales of low-margin products in Britain and the higher cost of last year’s vintage.

Australian Vintage reported a net profit of $3.3 million for the six months ended December 31, down from $3.7 million in the prior comparable period.

The decline was tied to lower sales of low-margin products in Britain and higher costs associated with last year’s vintage, as reported by the company.

Yes. Sales of bulk wine were down because of reduced demand from North America, according to the company’s report.

The winemaker said yields of the 2013 vintage were above last year, indicating a higher yield compared with the previous vintage period.

Australian Vintage said it expects full-year net profit to be in line with last year.

The CEO is Neil McGuigan. He said the group’s first-half results were affected by the drop in sales of low-margin products in Britain and higher costs from last year’s vintage.

The company highlighted several factors that affected results: the high value of the dollar (impacting profitability in Britain), demand for low-margin products in Britain, the cost of the previous vintage, bulk wine demand from North America, and 2013 vintage yields. These are the variables referenced in the company’s update.