Australian Vintage in new profit warning

Australian Vintage, maker of wines such as McGuigan, Tempus Two and Nepenthe, has issued its second profit warning in three months amid the economic fallout from the UK’s Brexit vote. Shares in Australian Vintage (AVG) sank 10 per cent after the company warned the continued fall in the value of the British pound, which has already sunk as much as 34 per cent against some currencies, would see the winemaker’s profits drop by between $3.5 million to $4 million.