Wine orders continue to flow through

THE chief executive of Treasury Wine Estates, David Dearie, said drinkers in its key North American and European markets remained ''subdued'' in the current global economic climate but that wine remained relatively resilient compared to other beverages.

Addressing shareholders for the first time at the company's maiden annual general meeting yesterday, Mr Dearie also said there was good orders flowing from the United States, while the company's mixed and broad portfolio of wines placed it well to cope with volatile weather conditions in Australia.

Investors gave a generally supportive ear to Mr Dearie and the board of the wine group spun off from Foster's this year.

Advertisement: Story continues below Mr Dearie said there were several challenges facing the group, including growth, heavy competition and pushing into new markets such as China.

However, he said demand for wine continued to grow - and grow faster at the higher price points - in the Americas and Europe. ''In the Australia-New Zealand region, the wine category continues to perform well; and in Asia, category growth remains strong.''