Treasury Wines reported FY22 EBITS of $524 million, an increase of 3%. EBITS remains above FY20 levels, which is an important threshold given the loss of China earnings over this time period. The tone of management’s presentation signalled the worst of the company’s challenges are behind it and there are many layers to growth. We agree and were encouraged by the improvement in gross profit margins for FY22, particularly in the second-half.