Cockatoo Ridge Wines has said it expects net profits for its latest fiscal year to hit a record high.

The Australian wine company, which merged with Australian Commercial Wines in late-2006, said today (9 July) that, although its full results for fiscal 2007/08 await finalisation and auditing, net profit after tax for the period should reach around A$7.1m (US$6.7m).

At the same time, Cockatoo Ridge said its chairman, Ivan Limb, will step down from his position, but will remain on the board as a non-executive director. Limb will be replaced as non-executive chairman by existing director Stuart Richardson.

Moving forward, the company said it maintains a "very solid outlook" for growth and returns to shareholders over the 2008/09 year were in place.