AUSTRALIA: Simeon Wine’s fortunes drop 5%

Major Australian bulk producer, Simeon Wines, dropped 5% in post-tax profit to $A18.2m in 1999-2000 but MD, Neil McKenzie, says that immediate prospects are bright with a 12%-15% profit forecast for the current year."Demand is as buoyant as it has ever been with major clients looking to do more business," he said after announcing a 17% increase in revenues to $A115m.EBIT fell 3% to $A28.6m with EBIT of winery operations $A8m higher but EBIT of vineyard sales being $A8m lower because the poor vintage meant minimal returns from sales of grapes, usually 10,000 tonnes.Direct sales to UK outlets, following the appointment of a UK sales manager, had lifted 25%.