SOUTH AFRICA: Winecorp out of the red
Winecorp, a listed wine producer based in Stellenbosch, has announced a net operating profit of R4.8m for the financial year ended in July, compared with a R7.4m loss for the same period last year.
The company exports 80% of its production - mainly to the UK and Europe and the rest is sold in South Africa.
Newly appointed CEO Johan van Reenen said the net profit for the year was R2.7m, with revenue for the year more than doubling from R38.6m to R81.4m.
Headline earnings per share for the year under review topped 6,44c, compared with a loss of 32c a share for the previous year.
Winecorp has in the last three months received setbacks with the departure of its joint MD's Johan Laubser and Brett Paxton, as well as financial director, Corne Heyns, the latter two departing the company today.
The company was established in 1999 with the merging of three wine entities, Longridge, Savanha and Spier. Last year Ashwood Wines was another vital acquisition by the company, while the 10% stake taken in by the Winecorp's major UK customer, Private Liquor Brands has strengthened the relationship.
Van Reenen said the company had no plans to expand into other markets in the new year, but would continue to grow its share in markets it was presently active.
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