UK: Palandri CEO shrugs off "doom and gloom"
Palandri CEO Darrel Jarvis today (27 October) boasted that the Australian wine producer had "once again bucked the trend" and delivered results that shrugged off the "doom and gloom predictions" for the sector.
The company saw pre-tax profit more than double to A$6.4m (US$4.9m) on the back of a 37% leap in revenues. Palandri, which is listed in London, said growth had come across "all business segments".
The results came just a month after trading in Palandri shares on London's Alternative Investments Market was suspended. Palandri had then issued a profit warning due to difficulties with internal group transactions.
This morning, however, Jarvis struck a different tone and spoke of the company's "success" in the year to 30 June.
"I'm sure you have all been waiting for our results with baited breath. After all, these are precarious times for any company in the wine industry, with thoughts immediately of the well publicised "grape gluts" and gross wine "oversupply"," Jarvis said.
"However, you might find yourself pleasantly surprised, as Palandri has once again bucked the trend and delivered a profit despite all the "doom and gloom" predictions. In fact, our problems have been contrary to those of the industry - we cannot keep up with demand! Our success rests on the fact that we have created a growth company."
The company said it had restructured its business in the Margaret River region of Western Australia and would focus on growing Semillon and Sauvignon Blanc to alleviate current shortages of the grapes.
Palandri said it wants to cancel the trading of its shares on London's AIM and seek a listing on the Australian stock market. A listing there would "provide greater liquidity for investors and a reflection of true market value", the company said.
Palandri intends to put the proposal to a shareholder vote at its AGM on 24 November.
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