AUSTRALIA: McGuigan Simeon H1 profits surge 35%

Australian winemaker McGuigan Simeon has recorded a 35% increase in half-year profit, A$9.3m (US$5.6m) on 47% higher revenue, A$107m. A merger of the New South Wales-based McGuigan Wines and Simeon of South Australia, the company said it boosted exports in the half year by 110% for bottled and 82% for bulk wines, though domestic sales edged only 7% higher.

February 24, 2003

Australian winemaker McGuigan Simeon has recorded a 35% increase in half-year profit, A$9.3m (US$5.6m) on 47% higher revenue, A$107m.

A merger of the New South Wales-based McGuigan Wines and Simeon of South Australia, the company said it boosted exports in the half year by 110% for bottled and 82% for bulk wines, though domestic sales edged only 7% higher.

It forecast a full year profit of A$37m. But managing director Brian McGuigan joined other Australian wineries in saying drought would reduce the 2003 vintage now one third complete. It would be down by 10-20%.