Oversupply of wine diminishing

THE global oversupply of wine is diminishing, but the potential for production in Australia is still too high, says winemaker Australian Vintage.

Australian Vintage's brands include McGuigan, Miranda, Nepenthe, Tempus Two and Yaldara.

Australian Vintage chairman Ian Ferrier says the global area under vine continues to decline.

"We are cautiously optimistic that globally the wine industry appears to be moving towards balance as consumption increases and oversupply decreases," Mr Ferrier told shareholders at the company's annual general meeting in Sydney on Wednesday.

"In Australia, grape production and sales are moving to a more balanced position.

"However, the large 2013 vintage is a reminder that the production potential in the Australian market is still too high."

Australian Vintage is one of Australia's largest wine producers, crushing about eight per cent of Australia's total crush.

Mr Ferrier said the company's 2013 vintage was strong, yielding 153,000 tonnes - a big jump from the 2012 vintage of 120,000 tonnes.

Australian Vintage said the wine market in Australasia and North America looked encouraging so far this financial year, with stronger-than-expected demand.

The performance of markets in the United Kingdom and Europe in the first three months of the financial year had been below expectations but was expected to pick up in the remaining nine months.

Australian Vintage was confident that its full year financial result would be significantly better than last year and in line with guidance provided to the share market.

Shares in Australian Vintage were 0.5 cents higher at 44 cents on Wednesday.

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