faces a grape shortage.
Announcing financial results for the year ending June 30, Pringuet said the predicted end to Australia's wine glut was now a reality with harvests down about 30 per cent.
He said: "I am afraid the time for cheap Australian wine has disappeared so we will go back to the true value, the true thing."
Sales of Jacob's Creek rose by 5 per cent worldwide last year, but in the UK sales were flat. However, Pernod Ricard's New Zealand brand, Montana, performed well in the UK .
Overall, the company reported sales of €6,443 million, a rise of 6.2 per cent.
Australian wine feature, page 24.