Strong result for Evans and Tate

Evans and Tate Limited has recorded a 40 per cent growth in earnings which has yielded an increase of 15 per cent in earnings per share.

Evans and Tate executive chairman Franklin Tate said the company’s increase of $3.1 million in net profit after tax was the result of a solid performance in the Australian business, which included the successful integration of the Cranswick wine business – the result of a $100 million merger last year. 

Evans and Tate is Australia’s eighth largest wine group. Its earnings before interest, tax, depreciation and amortisation grew to $19.5 million, a 40 per cent increase to June 30.

Net profit after tax grew 70 per cent to $7.5 million, however, after adjusting for new share issues, including the Cranswick acquisition, the winemaker only managed a more modest earnings per share increase of 15 per cent.

Mr Tate said he was optimistic the company could deliver significant financial growth for the 2004-05 period.

He has reportedly hinted at new acquisitions.