AUS: Evans & Tate predicts light at end of tunnel
Evans & Tate is targeting double digit revenue growth in its current fiscal year.
The Australian wine company, which has had a torrid 2005/06, is still finding trading tough, but hopes to broaden its export coverage to help increase growth going forward.
At Evans & Tate's annual general meeting today (27 November), managing director Martin Johnson said the company was aiming for double digit growth and EBIT break-even in the 2007 financial year. Looking to the long-term, Johnson is hoping E&T's case sales mix will shift from over 90% in Australia and the UK to less than 75%.
Earlier this year, E&T posted full-year net losses for the 12 months to 30 June of A$63.9m (US$47.6m). Prior to this announcement, the company sold off two wineries to help reduce debt.
In October, E&T's auditors, KPMG, said: "There is significant uncertainty whether the company and the consolidated entity will be able to continue as a going concern." The company has since changed auditors, appointing PKF.
Evans & Tate has executed a binding heads of agreement with its bank, ANZ, to restructure the company's balance sheet as part of its turnaround strategy....
Australian wine group Evans & Tate is to sell a controlling interest in its US distributor Scott Street Portfolio....
Evans & Tate has outlined the terms of the latest takeover bid from Yarraman Winery as the two companies embark on a period of due diligence....
Evans & Tate chairman John Hopkins said today (20 February) that the Australian wine group has yet to see the details of how Yarraman Winery would fund its bid for the company....
The Evans & Tate board of directors has opted to take more time to mull over a takeover bid from US-listed Australian wine group Yarraman Winery. Evans & Tate's board met on Boxing Day (26 December) t...
The Evans & Tate board of directors will meet in the next week to consider a takeover bid from US-listed Australian wine group Yarraman Winery....
Evans & Tate is to embark on an assault on the Australian wine market with a series of brand launches. The wine group hopes its latest offerings will revive the business after a series of losses, writ...
Embattled Australian wine producer Evans & Tate has suffered a second delay with an asset sale....
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