Canadian wine producer Andres Wines has seen full-year sales leap on the back of acquisitions.
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The Ontario-based producer yesterday (19 June) reported a 26% rise in turnover to C$211.8m (US$189.7m) for the year to 31 March. Stripping out the acquisitions of wineries including Thirty Bench Winery and Red Rooster Winery, sales were up 6% as Andres worked to grow sales of its premium wine stable.
However, costs related to those deals hit the bottom line, although the company declined to give details on profitability last year.
“With our solid organic growth in 2006, and the positive benefits of our recent acquisitions, we were pleased with our results for the current year,” said John Peller, president and CEO. “Acquisition related expenses negatively impacted our profitability in fiscal 2006, but these acquisitions are expected to generate significant growth in sales and net earnings in fiscal 2007.”
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