Treasury Wine Estates (ASX:TWE) posts 21% decline in EBITS for FY20

Company News

by Rachael Jones

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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.