Australian Vintage profit crushed by Brexit

Australian Vintage, maker of wines such as McGuigan, Tempus Two and Nepenthe, is the latest corporate victim of Britain’s decision to exit the European Union, after it issued a profit warning this afternoon blaming ‘Brexit’ for a $1 million foreign exchange loss for the company. Australian Vintage — whose McGuigan Black Label is Australia’s No 1-selling bottled red wine and the fourth-biggest wine brand by volume and value in Britain — said before the Brexit vote took place that the company was on track to record net profit growth of 10 to 15 per cent for fiscal 2016.