S AFRICA: Distell sales revenue up
South African wine and spirits group Distell has posted a rise in half-year sales and volumes.
Distell said yesterday (21 February) that sales for the last six months of 2005 rose by 11.2% to ZAR3.7bn (US$607m) with volumes up by 5.9%.
Domestically, sales volumes increased by 4.8%, with ready-to-drink (RTD) volumes growing by 11.7%, spirits by 2.8%, while unfortified wine volumes remained stagnant. This was attributed to the continued strength of the Rand leading to an influx of wines onto the local market, characterised by heavy discounting in pursuit of market share.
International revenues rose 16.3% with export volumes, excluding Africa, up 22%, with wines up by 23.2% and Amarula cream 15%.
MD Jan Scannel said these figures were achieved despite tough trading conditions at home and abroad, where the global wine glut is further squeezing producer margins.
Headline earnings per share rose 20.7%, but because of a one-off black economic empowerment expense of ZAR67.3m due through Distell's operating subsidiary South African Distillers and Wines, the company showed a drop of 4.2%. This empowerment deal is in line with the ANC government's aim of broader black representation in business.
An interim dividend of 68c a share was declared.
South African wine and spirit group Distell has been ordered to honour a contract it cancelled with a local grape farmer, according to reports....
Cosentino Signature Wines is looking to raise over GBP10m from its impending stock market float....
Napa Valley's Cosentino Signature Wineries plans to raise US$30m by listing on London's AIM market this month....
UK off-licence retail group Unwins is planning to float its Phillips Newman subsidiary on the Aim stock market, and then plans to float itself on the Aim market, according to the Daily Telegraph....
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)....
Distell has appointed Don Gallow as its new director of international operations, in place of Etienne Heyns who left the company two weeks ago. ...
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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