The Australian wine group, Evans & Tate Ltd, posted a net profit for the year to the end of June 2003 of A$4.43m (US$2.91m), up from A$2.93m the year before and a record result for the company.

Boosted by the acquisition of Cranswick Wines, which was completed in March, revenue doubled to A$63.14m.

The company's chairman, Franklin Tate, said that the results had been achieved in spite of adverse market conditions. "Producers everywhere have experienced the combination of strong supply, increased concentration in retail ownership, extensive price-based competition and influx of new and improved products at all price points from both new and old world wine regions," he said.

Evans & Tate said it was forecasting "substantial growth in profit" for the 2003/2004 fiscal year. The company also announced plans to raise A$19m, with the International Wine Investment Fund taking a stake in the company.