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Cosentino predicts strong 2008 growth

Published:  23 July, 2008

Cosentino Signature Wines has predicted year-on-year growth of 35% for 2008.

In a pre-close trading update issued this morning, the AIM-listed Napa Valley winery said the new year boded well given the recent business turnaround.

This was driven by the intervention of Larry Soldinger, who reassumed his roles as chief executive and executive chairman in February 2007.

If the 35% per cent growth is achieved in 2008, this will see Consentino revenues hit $11 million (5.5m) - a record figure across the company's 16-year history.

A company statement added: "Wholesale revenues have increased by approximately 50% year-on-year, reflecting management's focus on distributor relationships throughout the year."

Retail sales have seen a 20% year-on-year increase while the Board "remains confident in the future growth prospects for the business".

Cosentino's preliminary results for the year ended 2007 will be published in April 2008.