AUSTRALIA: McGuigan Simeon acquires Miranda Wines
"We are confident the acquisition will be earnings accretive in the 2005 financial year and at least earnings neutral this year," said McGuigan Simeon's chairman, David Clarke.
McGuigan Simeon said the addition of Miranda, whose brands include Miranda High Country, Mirrool Creek and Somerton, would broaden its domestic and export product range and provide packaging and distribution benefits. It would also give the company a presence in the Riverina region of New South Wales.
The deal also gives McGuigan Simeon a presence in the cask wine sector which represents around 45% of the Australian wine market in volume terms. Miranda Wines has an annual turnover of around A$60m.
McGuigan Simeon has also reported its year-end results, registering a net profit of A$32.2m for the year to the end of June, representing a 27% increase from a pro-forma figure of A$25.3m the year before. Sales revenues rose by 25% to A$293.1m.
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