Australian Vintage (ASX:AVG) has released its financial results for the half year ended December 31, 2022 with a net profit after tax and before SGARA of $16.7M.

Australian Vintage says its grown its market share and successfully taken price in all key geographies, as well as invested portfolio growth, resulting in an incremental marketing spend of $2.2M.

The company also sold and leased back its commercial vineyards Coldridge and Grande Junction for $14.7M in ATAX profit, reducing net debt to $53.1M.

Australian Vintage says EBITS is expected to be in line with FY22, subject to FX, agricultural risk, and planned asset sales.