SOUTH AFRICA: Distell combats strengthening Rand
The company was making these and other necessary procurements, while identifying new growth opportunities in a tough business climate, according to MD, Jan Scannel, at the Stellenbosch-based company's AGM yesterday.
He said fortunately less than half the company's export revenues were in dollars with the rest mainly in euros or other currencies, against which the rand had fared better.
At R7-$1 the Rand had strengthened by about 50% in the past two years making trading difficult for local wine and spirit exporters.
This together with a decline in domestic interest rates and inflation was expected to boost the local market providing further impetus to brands which have done exceptionally well during the past year.
The majority of the Distell's brands had out-performed their respective market categories.
South African wine and spirits group Distell has posted a rise in half-year sales and volumes....
South African wine and spirit group Distell has been ordered to honour a contract it cancelled with a local grape farmer, according to reports....
Distell's broad-based black economic empowerment deal will cost about R870m (US$137m), but the new partners will be locked into an eight to 10 year agreement before any dividends are realised....
Distell today announced its broad-based transformation plans between a black economic empowerment group, certain employees and a corporate social investment trust (CSI Trust)....
KWV International has launched the second phase of its assault on the South African market with the introduction of its KWV 3-year-old brandy and Cathedral Cellar and KWV Classic ranges as it expands ...
Distell has appointed Don Gallow as its new director of international operations, in place of Etienne Heyns who left the company two weeks ago. ...
The Brown-Forman Corporation has added the Durbanville Hills range of wines from South Africa to its US portfolio....
Distell's headline earnings have rocketed by 34.5% to ZAR482.2m (US$75.2m) for the year to 30 June, thanks to improved performance from all the company's assets....
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