Treasury Wine Estates has more than doubled its annual profit and is gearing up for a big push of its US brands into China. After more than doubling its annual profit, the company behind Penfolds and Wolf Blass is set for a big push of its US labels into Asia. Treasury Wine Estates shares hit a record high on Thursday as chief executive Michael Clarke unveiled a $179.4 million profit – up from $77.6 million, and outline the next step for the company’s expansion in the critical Asian marketplace.

TIM WHITE: I found out by text: “Our bloody funny buddy Simon Burnell was found dead this morning after a windsurfing incident.” The message was from Virginia Willcock, chief winemaker and general manager of Vasse Felix. This was on March 23, 2015. For five years Burnell was winemaker at Willow Bridge Estate in the Geographe region, which begins (depending on which way you’re travelling) at Busselton, to the north of its more famous neighbour, Margaret River.

Red wine aficionados love flowery descriptions for what swirls in their globed glasses. When sniffing and swishing they may detect “delicate, balanced tannins,” a “hint of leather” or a “bouquet of ripe currants.” Unfortunately, the 2016 vintage from grapes grown in Cachagua Valley high above Carmel Valley may bring less palatable tasting notes such as “smoked meat, “campfire” or “dirty ashtray.” Not good.

After a brief blip last decade created by a glut of cheap, poor quality Kiwi Sauvignon Blanc flooding the UK market, New Zealand wine appears to have firmly reclaimed its place at the top of the on-trade wine ladder from the prospective of premium price positioning, writes Mark Newton of CGA Strategy. The average price per glass of New Zealand wine at UK restaurants and bars is above its nearest Old World competitors, having edged over the £5 barrier earlier this year.

With more vines comes more waste, raising questions about what is being done with the thousands of tonnes of grape marc being produced every year in Marlborough. Grape marc, the skins and seeds left over after grapes are pressed for winemaking, has a variety of uses, including compost, nutraceutical products and stock feed. It typically makes up around a fifth of the overall harvest tonnage and with more vineyard hectares being planted, the pressure is on the industry to find ways to deal with its waste.

More than 11,000 people have signed up to a new version of a free online wine course run by the University of Adelaide in Australia. Around 11,300 students signed up to the latest University of Adelaide online wine course, starting 7 July. More than 50,000 people from almost 160 countries have signed up since the programme began – mostly from the US, UK and Australia.

This year, the Hunter Valley in New South Wales had its wettest January on record followed by its driest February ever. So what does this mean for the region’s 2016 wines? Every vintage throws up its own set of challenges. Growing grapes ain’t easy, especially when you factor in the seemingly high number of extreme weather events that come the vigneron’s way, perhaps thanks to the impact of human beings on our fragile planet.

The owner of Accolade Wines has confirmed its intent to offload its majority interest in the wine giant as it moves towards an initial public offering on the Stock Exchange. In May, an Australian newspaper claimed private equity firm Champ PE was mulling launching an IPO for the Australian drinks company, a move confirmed last week then the company formally appointed Reunion Capital Partners as corporate advisors to investigate its options.

The importance of the Efic Small Business Export Loan scheme comes sharply into focus when considering the stretched cash flow of many exporters. Zonte’s Footstep, a winery in South Australia, uses Efics export loans. The company may not produce the massive volumes of the major wine makers but still sells more than 50,000 cases per year. “We’re on a sustainable growth rate of 20 per cent per year right now,” says managing director, Anna Fisher. “But we need finance to support the growth, especially since the largest growing part of our business is exporting.”

The acquisition of a new wine distribution business and strong growth in export markets has seen ASX-listed Treasury Wine Estates more than double its profits compared with the same time last year. The annual financial report from the owner of a host of wine labels including Penfolds, Wolf Blass and Lindeman’s shows the company continuing its turnaround under the leadership of CEO Michael Clarke.