just the preview – Foster's Group's FY
Foster's announces its FY results tomorrow
Foster's Group is set to report its full-year results tomorrow (23 August).
Here, just-drinks takes a look at the highs and lows for Foster's in the six months to the end of June.
- In January, Foster's appointed the former president of Diageo's Asia Pacific division, John Pollaers, to become MD of its Carlton & United Breweries (CUB) brewing unit. Pollaers replaced Alex Stevens, who left the company due to ill health at the end of last year.
- A month later, shortly after Foster's posted its first-half results (see below), CEO Ian Johnston said that the firm had not ruled out a sale of its wine business, although no buyers had made themselves known. At this time, Foster's was one entity.
- A change to that structure moved a step closer, however, when, in May, the company confirmed it would demerge its beer and wine divisions. At the same time, Foster’s also said that it expects EBITS for its current fiscal year - to the end of June – to come in at between AUD1.05bn and AUD1.08bn.
- Going back to April, the company recruited the ex-head of Constellation Wines in Australia, John Grant, as vice president of its California wine division. The position is a newly-created role, reflecting what a Foster's spokesperson said is the importance of the California market to Foster's.
- Then, figures release in May showed that Foster's share of Australia's beer market had slipped below 50% for the first time during the first quarter of 2010. Second-placed Lion Nathan, meanwhile, saw its share rise in the three-month period.
- During the last year, Foster's had moved to revamp its distribution set-up in the US. The overhaul was completed in June.
- Finally, towards the end of June, the firm withdrew three Australian vineyards and a winery from a list of non-core wine assets to be sold off. A Foster's spokesperson told just-drinks at the time that the move "follows recent innovations and [is] based on future sales planning".
For more on Foster's demerger announcement, click here.
To read up on Foster's H1 performance, click here.
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