AUSTRALIA: E&T sees 40% rise in earnings
The Australian wine group Evans & Tate said today that its continued growth had impacted positively on revenue and earnings performance in the current financial year to 30 June 2004.
In a guidance of its results to the end of June, the company said it has seen a 40.3% rise in EBITDA to a record A$19.5m, compared to A$13.9m in 2003. Net profits after tax are expected to increase in the order of 70.5% to a record A$7.5m, compared to A$4.4m in 2003.
E&T said the continued successful integration of the Cranswick acquisition last year had contributed to the result.
Franklin Tate, executive chairman of the group, said the company was optimistic that it could deliver further significant financial growth in the coming 2004-2005 financial year after all operations performed well in the current year.
"The 2003-2004 profit forecast is a particularly pleasing result and is due in part to an exceptional performance of our UK/European operations and our solid Australasian business," Tate said.
"By successfully concentrating on improving the effectiveness and size of our international and domestic distribution businesses, the group is poised to use these giant gains to secure even further leverage in 2004-2005 and with a larger product portfolio.
"In particular, we expect to further enhance profitability in the UK and European operations now that Evans & Tate has 100% control of its wine distribution in both of these markets," Tate concluded.
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