Australian Vintage hits over 2-1/2 year low on bleak FY23 outlook

Australian Vintage

15/06/2023 03:46

** Shares of Australian Vintage Ltd  AVG.AX  fall as much as
3.3% to A$0.445, their lowest level since Nov 12, 2020
    ** Wine producer sees FY23 group revenues of about A$255 mln
($172.89 mln) to A$260 mln 
    ** Co had reported total operating revenue of A$260.1 mln in
FY22    
    ** Shares of co set for worst day since April 14, 2023, if
losses hold 
    ** Sees reported EBITDAS of about A$34 mln to A$36 mln in
FY23 compared to reported EBITDAS of A$43.7 mln reported in FY22
    ** Co expects market environment to remain challenging into
FY24 
    ** Says FY23 has been challenging with co absorbing about
A$26 mln of hyper-inflationary costs over past two years
    ** Shares of co are down 24% YTD as of last close 
   


($1 = 1.4749 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))