A year ago, Australian Vintage, owners of the McGuigan and Tempus Two brands, reported a small profit of AU$4m ($2.7m) for its 2023 financial year. In 2024 it made a loss of AU$93m ($63m)
While, revenue grew slightly, by 1% to AU$ 261m ($177m) and EBIT (earnings before interest and taxes) increased by 25% to around AU$13m ($8.8m), thanks to brand growth, innovation, and cost reductions, the statutory NPAT - net profit after tax), which includes all expenses, showed a loss of AU$86m ($58.3m). This loss is explained by a "strategic shift that resulted in a non-cash post-tax impairment" of AU$89m ($60.3m) in goodwill due to inventory, ROU (right-of-use) assets, and tax losses. No final dividend was declared for shareholders.
New Directors on Board
Interim CEO Peter Perrin, who took over after Craig Garvin's resignation in early May, is stepping down due to a cancer diagnosis. The board expressed its gratitude for his service and wished him well in his recovery. James Williamson has been appointed as the new interim CEO. He hopes to appoint a permanent replacement over the next three months.
Additionally, the AVG board welcomes new directors Margaret Zabel, Michael Byrne, and Elaine Teh. Williamson will also serve as a new director in a dual role as interim CEO.
Earlier this year rumours that AVG would merge with wine giant Accolade Wines ended when Accolade acquired the majority of Pernod Ricard's wine brands. VM
