Treasury Wine Estates has paused the trading of its shares “pending the release of an announcement” later this week.
The company, which saw a change of its CEO from Tim Ford to Sam Fischer almost three months ago, sent a letter outlining its intentions to the Australian Securities Exchange today (15 December). The letter referenced an investor & analyst call scheduled for Wednesday of this week.
“The company is in the final stages of preparing for this update, which will include information regarding the company’s outlook,” Treasury wrote. The call “will include a progress update on performance in Treasury’s key markets, including in China and the US, and Sam Fischer’s initial observations following his commencement as CEO”.
At the start of this month, the Penfolds and 19 Crimes owner confirmed a pending impairment charge as the result of a reevaluation of its operations in the US. The revision, specific details of which will feature in half-year results to the end of December, was based on what the company called “further moderation in US wine category trends”.
