MGuigan writes off
Australian producer McGuigan Simeon revealed last week that it will write down the value of its wine stocks by up to AUS$20 million.
Managing director Dane Hudson said the move was the result of the ongoing decline in bulk wine prices. It's a small percentage of our total stock. This is probably a 9% reduction and it's for the older vinatges. We are comfortable with our 2006 vintage but we need to reprice the older stock to clear it on the bulk market.'
Hudson also revealed that McGuigan Simeon would not be paying a final dividend to its shareholders this year.
The company's full year results are expected in August. This will be the first time that they will not be delivered by founder Brian McGuigan, who stepped down from the company in December.
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