Treasury Wine Estates (ASX:TWE) has posted a 21 per cent decline in FY20 EBITS, with regional declines of approximately 14 per cent in Asia, 37 per cent in the Americas, 16 per cent in ANZ and 18 per cent in Europe, the Middle East and Africa.
The release is the first update from new CEO Tim Ford and also mentions the potential demerger of Penfolds the winemaker around since 1844.
The company expects earnings before interest, tax and agricultural accounting standard SGARA to be between $530 million and $540 million.
The company had previously guided to EBITS growth of between 5 per cent and 10 per cent.
Shares in Treasury Wine Estates (ASX:TWE) are trading 3.1 per cent lower at $10.93.