Australian Vintage (ASX: AVG) has reported that it crushed 93,000 tons of grapes from the 2017 vintage compared to 99,000 tons last year, decreased by 6,000 tons compared to last year due mainly to a reduction in volumes processed for external customers. Yields from owned and leased vineyards are marginally above expectation and in line with last year. The 2017 vintage has again been an outstanding vintage, with strong indications of very high quality, while the cool weather conditions delayed the vintage, the quality has again been exceptional and the Australian industry harvest tonnage looks to be up from 2016. Total volume sales to the end of April 2017 are 6% below last year due to reduced bulk wine and cask sales. Sales volumes of 3 key brands, McGuigan, Tempus Two and Nepenthe are up 5% against last year but this has not translated into increased sales dollars due to the unfavorable foreign currency. Actual sales of the three key brands has declined by 8% and all of this is attributable to the exchange rate. However, the increased focus on the higher priced Tempus Two brand has resulted in a 29% volume growth and a 23%-sales dollar growth. The Company continues to focus on increasing branded sales and at the same time improving the efficiency of the business and quality of outstanding wines. The company maintains its earlier net profit guidance of $4.1 million for 2017.

 

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