AUS: Cockatoo Ridge director steps down

By just-drinks.com editorial team | 24 April 2006

Australian wine producer Cockatoo Ridge has announced that one of its directors has resigned.

Non-executive director Chris Roberts is to leave the company after four years, Cockatoo Ridge said today (24 April).

Last month, Cockatoo Ridge saw half-year net profit drop 42% to A$1.3m (US$0.94m) as the Australian wine glut hit earnings.

The company said profit dropped for the six months to 31 December because of intense competition in domestic and export markets, industry rationalisation, and wine oversupply in Australia and overseas.

Revenue climbed up 61% to reach A$17.6m, with the increase put down to increasing overseas demand and development in the UK.

Sectors: Wine