AUSTRALIA: Profit surges at Xanadu
"The company has concentrated on international expansion, the development of export markets and the creation of strong distribution networks," said Xanadu's managing director, Andrew Moore.
Sales revenues rose from A$6.3m to A$16.4m. The company is forecasting continued rapid growth in the UK and said the US market, where its wines are handled by William Grant & Sons, also offers growth potential.
The last year or so has seen Xanadu expand extensively beyond its Margaret River base. Last year, the company acquired the Norman's Adelaide Hills winery including the Chais Clarendon and Old Vine brands and in July it bought the Barossa Valley wine company, Next Generation Wines. Xanadu registered annualised sales volumes of 225,000 cases in 2002, against 44,000 cases in 2001. It is targeting volume sales of 400,000 cases in the coming year.
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