The Barossa Valley winemaker Peter Lehmann Wines said yesterday that the company had seen its profits after tax fall some 29% to A$3.83m. The company said 2003 was a year in which the company "experienced its greatest challenge since its formation in 1993," namely the takeover battle between Allied Domecq and Hess Group for the business.

Revenues were up 13% to A$52.7m but basic earnings per share were also down 30% to 10.14 cents.

It added though that despite the disruption of the takeover battle, the company had increased its total branded bottled sales by 23% in volume and 15% in revenue.

Total exports were up32%, with revenues up 22%. Exports now account for 62% of the brand's total case sales.

But, the company warned that with a record national harvest in 2004, it was flet that there will be further downward pressure on grape price, although this should be primarily confined to red varieties.

The company confirmed that it would be delisted from the Australian stock exchange on 12 October.