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AUSTRALIA: McGuigan Simeon harvest up, prices low

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Australia's listed McGuigan Simeon Wines today joined other majors in reporting a 2004 leap in its grape harvest, to 245,000 tonnes, up 40%, with a semi-apology from managing director Brian McGuigan about the lower prices being paid to growers.

It was regrettable lower prices had to be paid because of the surplus on export markets and the higher Australian dollars, McGuigan said.

"It isn't an issue between winemakers and growers but a reflection of what is happening in the world of wine. We have got to produce wine which reflects the oversupply situation and also compensates for the moving Australian dollar. It's a cyclical business and I am confident we are near the bottom of the trough," McGuigan said.


Sectors: Wine

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