Southcorp ‘s chairman, Rick Allert, speaking at his final AGM, conceded that volumes in the home market and in the UK during the first few months of the new fiscal year had been softer than expected as a result of competition. Allert, who left his post after the meeting to take up the position of chairman of Australian retail group, Cole Myers, said Southcorp was facing challenging conditions.”
AUSTRALIA: A$221m wiped off Southcorp shares on trading worries
Some A$221m was wiped off the shares of Australian wine group, Southcorp, yesterday amid market concerns that the company would not be able to meet its earnings target. The jitters stemmed from a slowdown in the US and heightened competition in the UK and in the domestic market.