EVANS & TATE STRUGGLE TO MAKE A COMEBACK

With a focus on the premium wine segment and cost management, Evans & Tate continues to implement a turnaround strategy due to the Australian grape glut and a loss of UK market share. The company reported a net loss of $44.4 million in their second half along with decreasing revenue that fell from $49.6 to $45.9 from the previous year’s first half. However, CEO Martin Johnson says the company’s make-up strategy is coming along nicely. "We have rigorously cut costs so we can meet current price pressures and closed loss making operations and finally we have taken steps to reduce our debt," Mr. Johnson told Yahoo Business. “I am pleased that we have been able to announce the sales of our Mildura Winery to Neqtar and a new UK distribution to with HwCg.” HwCg runs a wine import and distribution business that supplies more than 2.5 million cases of wine from around the globe to UK retailers.