On Thursday, Treasury Wine Estates will report its half-year results. Here, just-drinks takes a look at the company’s highs and lows in the six months to the end of December.
- In July, TWE offloaded Asti winery in Sonoma, along with its Souverain wine brand, to E&J Gallo, for an undisclosed sum. A day later, the company said it would make a pre-tax loss of US$7.5m on the disposal of Asti
- In mid-August, the company reported a strong return to profit in its fiscal full-year, with sales in the period also moving from red to black
- In September, it emerged that CEO Michael Clarke earned AUD3.23m (US$2.26m) for his first full year in the job, with future bonuses liable to add another AUD1m
- Then, October began with speculation around whether TWE would acquire several of Diageo’s wine assets
- A few days later, TWE said it had entered the second phase of its supply chain optimisation programme, which is set to bring in an annual saving of around AUD50m by fiscal-2020
- By mid-October, it was official: Diageo had lined up the sale of the bulk of its wine operations – including the Blossom Hill and le Piat d’Or brands – to TWE. At the time, we took a closer look at just what the company had agreed to buy
- Towards the end of the month, TWE announced plans to close a New Zealand winery and stop operations at an Australian site as part of the supply chain optimisation scheme
- Mid-November saw the appointment of Noel Meehan as the company’s new chief financial officer. Meehan replaced Tony Reeves, who had decided to leave the role
- In December, the company announced plans to target male Millennials with two wine brands as well as provide calorie information across its entire portfolio of bottled wine.
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