AUSTRALIA: Lehmann Wines profit increase

By Tony Baker | 30 August 2001

The latest Australian winery to account in the traditional August stock
exchange profit reporting season, Peter Lehmann Wines said its annual profit was up 24% to A$6.2m (US$3.2m).

Domestic wine sales were up 8%, a prime target of the company's strategy.

"There is little doubt we could have sold more if more wine had been available but we put greater volume into offshore market developments," said managing director Doug Lehmann.

European exports more than doubled and US sales lifted by 56%.

Peter Lehmann Wines now exports 52% of its volume with the UK accounting for 30% of revenue.

Lehmann said he expects similar profit growth for the next five years. And despite the furious round of takeovers and acquisitions he said predators had not approached PLW.

"We are very mindful of our shareholders. If there was an approach from anyone and there hasn't been it would have to add value," he said.

PLW revenue rose 15% to A$42.2m.

Wines & Spirits in Australia 2001
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