Listed wine giant Treasury Wine Estates (TWE) has doubled its net profits for the half year to December on the back of growth in the US and China.
TWE reported net profit after tax (NPAT) of $136.2m, more than double the previous corresponding period, as the company moved forward with its strategy to transition from an agricultural to a brand-led organisation
TWE CEO Michael Clarke said: “Today’s result announcement demonstrates that we are executing on all the initiatives we have communicated to the market and importantly, that TWE is continuing to deliver sustainable value to its shareholders”.
TWE also announced the appointment of Gunther Burghardt as chief financial officer, based in Napa. He replaces outgoing CFO Noel Meehan who said he would not continue as CFO due to the relocation of the role to the US.
Michael Clarke, meanwhile, will be co-locating between Australia and the US over the next 12 months.
TWE’s Chairman, Paul Rayner said: “With a global and highly collaborative management team, I am pleased our chief executive officer is able to spend more time in the US; one of TWE’s regions with the most potential.”
TWE said its outlook remains positive, with second half earnings expected to be broadly in line with the first half, in the absence of significant fluctuations in foreign exchange rates.
