Australian Vintage acting CEO Peter Perrin has stepped down from the role due to ill health and has been replaced by James Williamson.

Perrin advised that he would leave the position effective immediately due to the recent diagnosis of a form of cancer. He will also step down from the Board on 30 August 2024. Perrin has been with the Board for more than seven years and has been acting Australian Vintage CEO since May 2024.

Williamson is also the Chief Investment Officer of Wentworth Williamson, a substantial shareholder of Australian Vintage. He has more than 20 years of experience in financial markets including significant experience covering alcoholic beverages beverages as an analyst.

Williamson is joined on the board by fellow new Directors Margaret Zabel, Michael Byrne and Elaine Teh.

Teh is the founder and executive Chair of Octopus Global Holdings, which is the company’s current distributor in Singapore and Malaysia. Octopus Global is the sole representative of many large global distributors, including Diageo, Paulaner, San Miguel, Australian Vintage, Fever Tree, ABInBev and more.

Byrne has over 30 years experience as a non-executive directorand leader within the logistics, supply chain, retail and property sectors, currently serving on the Boards of Ausgrid Asset, Management, Finance and Operator Partnership, NSW Ports, and Peel Ports UK. Throughout his recognised career, Byrne has held esteemed positions such as Managing Director, Chief Operating Officer, and Director of Toll Group Holdings; Chief Executive Officer of Coates Hire, Linfox and Westgate Holdings. He has also served as a Non-Executive Director of Australia Post.

Australian Vintage announces full-year results

The company also announced revenue growth of 1% to $261 million in FY24.

Double digit underlying earnings improvement, in line with guidance, increased EBITDAS to $29 million, EBITS to $13 million
and NPATS to $5 million, 12%, 25% and 26% respectively higher than the prior year.

Australian Vintage reported that its branded business was in growth, with pillar brand sales maintained at 78% of total revenue (65% in FY 20).

Investment into pillar brands has resulted in a 4% compound annual growth rate (CAGR) since FY20. Over that time, all of the key pillar brands have grown in value, with a CAGR of Tempus Two +7%, Nepenthe +13%, Barossa Valley Wine Company +6% and McGuigan +1%.

In emerging markets, North America has grown by +28% over the prior year while previous growth in Ireland has been maintained. China commenced re-ordering in the second half of the financial year whilst the partnership with COFCO has been renewed with a re-signing of the 10-year partnership agreement.

Australian Vintage said the rest of Asia had been a challenging market for Australian exporters with inflationary pressures impacting discretionary spend.

Premiumisation and innovation now represent 26% of revenue and 35% of margin, a significant increase from 7% and
10% respectively in FY19, prior to the launch of McGuigan Zero. Innovation launched in FY24 included Not Guilty, McGuigan Mid, Tempus One and McGuigan Gold.

Australian Vintage remain the global leaders in no-and-low with its McGuigan Zero product number one in the UK, Ireland, Australia and NZ. Globally, the company has increased the revenue contribution from the no-and-low wine category by +20%
over the prior year.