Latest news with #winegrapes
Yahoo
19-07-2025
- Business
- Yahoo
Australian Vintage ends Victoria vineyard lease to cut reds inventory
Australian Vintage has terminated its lease of a vineyard in Millewa, Victoria, three years ahead of schedule. In a filing on the Australian Stock Exchange, the owner of McGuigan and Tempus Two brands said it 'proactively pursued the opportunity to exit early to support its flexible grape sourcing strategy and inventory reduction'. The vineyard, owned by Fresh Country Farms, produces an estimated 10,000 to 12,000t of predominantly red winegrapes. The lease, originally set to expire after the 2028 vintage, was ended on 16 July. Australian Vintage expects the removal of these varietals from the supply chain to provide a net cash flow benefit of A$8m ($5.2m) over the remaining lease term, despite a A$2m exit fee and ongoing payments equivalent to lease fees as part of the exit contract. In efforts to raise capital and lower debts amid a what it describes as a 'difficult 2024', Australian Vintage ended a long-term lease with the owners of the Balranald vineyard in New South Wales last May. Two months later, it sold a vineyard in South Australia to The Randall Wine Group. The company has also undergone significant leadership changes, appointing a new CEO and board members. In April 2025, Australian Vintage promoted chief commercial officer Tom Dusseldorp to CEO, succeeding Craig Garvin, who was reappointed as CEO last October. In May, Australian Vintage acquired international ownership rights to the MadFish brand from Burch Family Wines, describing the deal as 'strategically important' for its UK operations. 'It provides a scalable – over 200,000 cases – balance to red-wine centric McGuigan and gives the portfolio a much-needed lighter varietal range,' the group said at the time. In its 2023/24 fiscal year, the company's revenue rose 1% to A$261m, with underlying EBITS up 24% at A$13m and underlying NPATS growing 29% to A$5m, despite posting a loss of A$93m. For the first half of its 2024/25 fiscal year, ending 31 December, Australian Vintage reported a 7.4% drop in revenue to A$126.1m. Gross margins fell 11% to A$35.4m. However, the group noted its 'best cash performance in four years,' with normalised cash outflow improving by A$11m to A$8m. The company saw declines in reported and underlying EBITDAS, with the former dropping 22.7% to A$11.2m and the latter decreasing 20% to A$13.2m. Underlying EBITS dropped A$2m to A$6m, reflecting cost focus amid challenging industry conditions. Australian Vintage booked a net loss of A$473,000, compared to a net profit of A$2.8m a year earlier. "Australian Vintage ends Victoria vineyard lease to cut reds inventory " was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Mail & Guardian
19-06-2025
- Business
- Mail & Guardian
Index shows upbeat sentiment on South Africa's agricultural sector
Favourable production conditions for crops, wine grapes, fruit and vegetables will drive the sector's performance. South African farmers and agribusinesses continue to exhibit resilience and optimism. The After a notable uptick in the first quarter of 2025, the ACI fell by 5 points in the second quarter of the year to 65. Any level of the ACI that is above the 50-neutral point signals optimism. Regarding the slight decline, most respondents identified the uncertain global trade environment, lingering geopolitical tension and the domestic animal disease challenge as key factors constraining the sector. Despite the slight quarterly decline, the This survey was conducted in the second week of June, covering various agribusinesses operating in all agricultural subsectors across South Africa. A crucial point to remember when reviewing the index is that sustained optimism, at levels above the 50-neutral market, is fundamental, especially in the long run, for fixed investment in the agriculture and agribusiness sectors. The ACI also serves as a leading indicator of agricultural growth prospects over time. We can thus expect slightly better farming output data for the second quarter of the year. The favourable production conditions for field crops, wine grapes and various fruits and vegetables will be the primary drivers of the sector's performance. Indeed, we are yet to see the full impact of the foot-and-mouth disease that is challenging the sector. This has started to affect sentiment and is likely to continue in the coming months. In essence, the ACI results for the second quarter of 2025 indicate that the sector's mood remains upbeat about the recovery this year. Still, the results also show that recovery will probably be uneven as some key subsectors struggle with animal diseases. Notably, the dominance of geopolitical concerns in respondents' views illustrates the strong dependence of South Africa's agricultural sector on export markets and the need to diversify these markets. China, India, Saudi Arabia and Egypt are among the key markets we should target for expansion. However, as we drive diversification, we must work vigorously to retain access in various markets across the European Union, United Kingdom, Africa, Asia, the Middle East and the Americas, among others. Also significant are the collaborative efforts between business and government in addressing biosecurity issues in South Africa's agriculture, as well as efforts to promote more efficient network industries, better municipal management and the implementation of the Wandile Sihlobo is the chief economist of the Agricultural Business Chamber of South Africa.
ABC News
06-06-2025
- Climate
- ABC News
Tasmanian farmers are grappling with the driest conditions in 120 years
In the far north-west corner of Tasmania, beef farmer Stafford Ives-Heres has just harvested a bumper crop of wine grapes from his hobby vineyard. His hometown of Marrawah is beef and dairy country, relentlessly battered by the Roaring 40s, a powerful band of winds that circle the globe. Traditionally, it is far too gusty and wet for fussy crops like grapes. But despite welcome rain this weekend, the wider region has just experienced its lowest January to April rainfall levels since 1900, creating ideal wine grape growing conditions. It is one small hint at a changing climate that could have serious consequences for Australia's food production. The dry is likely a result of what climate researcher Tom Remenyi describes as a "post 2020" climate system, something scientists have been predicting for decades. "All of the modelling kind of suggested that, at about 2020 the globe would move away from a historical climate into a new climate, and all of the evidence is suggesting that that is happening," Dr Remenyi says. For Mr Ives-Heres, keeping an eye on the changing climate is crucial. He points out a couple of bulls in his paddock worth thousands of dollars, noting the loss of even one of them would be a financial gut punch. Despite the record dry, his family farm fared relatively well over the summer. It was a different story last year, when a more prolonged dry period left his family, along with thousands of other Tasmanians, scrabbling for hay, paying up to $250 a bale. "We probably had five really good years on the trot … you can become a bit complacent as farmers," he says. Down the road at Smithton, agricultural contractor Marcus Laing has a truckload of bales to deliver to local farms. Many farmers he comes across cut enough hay and silage last through spring to carry them through the dry at the start of the year, but are hoping for a dump of rain before the cold sets in. Over the years, Mr Laing has been involved in charity hay runs to other states, taking bales as far as drought-stricken Moree, about 630 kilometres north-west of Sydney. This year, despite devastating floods and droughts across multiple states, that is not looking likely. "They've had a hard run up there. They've probably lost crops and lost feed. But yeah, I don't think we're in a position really to help him this year," Mr Laing says. As sea and land temperatures rise, westerly rain-bearing fronts from the Southern Ocean that normally soak the state's western coast are being pushed further south between Tasmania and Antarctica, according to Dr Remenyi. Meanwhile, easterly systems hitting the other side of the state are travelling down more frequently, but with long, dry spells in between. Additionally, warmer temperatures drive evaporation rates up, meaning soil dries out faster than it used to. "We end up having longer dry spells everywhere, and then higher intensity rainfall when it does rain. "The dry days get drier, and the wet days get wetter," Dr Remenyi says. He says while emissions reduction is important, reframing traditional farming practices will be crucial for Australia's food production. "We need to recognise that we committed to this some decades ago, and this change is going to happen," he says. For Mr Ives-Heres, who, along with his family, runs beef, a seaweed business and a small vineyard, as well as off-farm jobs, diversity is the key to survival. Recently he started leasing a paddock in a different location, with hopes a different climate would provide a buffer against future weather events. "We already take enough risks as it is in agriculture with Mother Nature, so having off-farm income or diversity within your business is paramount going forward if you're going to be seriously long-term about farming," he said.
