Australian wine group BRL Hardy’s chief executive Stephen Millar has renewed forecasts of 15% profit growth for 2002-03 and predicted 2004 will be “a boomer.”
BRL Hardy is close to being taken over by the American Constellation Brands. Millar agreed with an Australian television interviewer the bid was a done deal. “We believe so but we would never assume to presume. I think the price is fair. The fact that the major shareholder (International Wine Investment Fund) has given the thumbs up should give all our shareholders confidence.”
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Millar confirmed 2002 had been the toughest year the Australian wine industry had faced, but said, “2003 will be a little less tough…and 2004 will be a boomer.”
IWIF chief executive Rupert Clifton-Bligh said he did not believe speculation about a rival bid from the Australian Foster’s company or international liquor group Diageo would eventuate.
