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AUSTRALIA: Net profit up at Reynolds Wines

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Australian wine company, Reynolds Wines Ltd, posted an after-tax profit of $5.1m for the year to the end of June on sales of $24.2m. Last year's adjusted net profit figure was $3.9m on sales of $15.8m.

CEO, Peter Poolman said the company had made some notable achievements during the past year."Most important of all has been the continuing and robust advancement of our brands in the international consumer markets," Poolman said.

Reynolds reported that sales volumes had increased tenfold to 241,000 cases in 2002 from 23,500 cases in fiscal 2001, with the UK and the US accounting for most of the growth.

In June, the company secured finance for further expansion of its winery and to provide working capital to boost its marketing, via a 2 for 1 rights issue to ordinary shareholders and a cumulative converting preference share issue, as well as additional bank finance.


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