International drinks group Foster’s reaped more from the sale of wine than it did from beer during its last financial year, figures show today.
The Melbourne-based group has “changed the face of Foster’s” with the acquisition of Californian wine business Beringer in late 2000.
That pushed wine revenues up 28% to AU$1.93bn (€1.1bn) and exceeded the stable beer showing of AU€1.78bn (€1.01bn).
It is the first time that Foster’s has achieved higher wine than beer sales.
Chief executive Ted Kunkel said the figures reflected the company’s new position as a global beverages business.
He added: “Fiscal 2002 was the year in which Foster’s had to stand-up and be counted, to demonstrate that its beer/wine strategy will deliver growth, cash and returns.
“This result clearly confirms Foster’s is on track and the group is gathering momentum.”