Lion Nathan chief plans his farewell

Lion Nathan chief executive Gordon Cairns says he plans to retire by the end of 2004.

Scottish-born Cairns, who joined Lion Nathan in 1996 and took over the top job a year later, has overseen a rise in the group's share price from around A$3.40 to around A$5.35.

"If results continue the way they have, two more years and then I'll retire," Cairns said yesterday.

Lion Nathan said earlier yesterday that it was confident of reaching its A$180 million ($199.2 million) net profit target this financial year

This would be an 11 per cent gain on the previous year, despite a tight Australian beer market.



Lion Nathan chairman Geoff Ricketts said the company would continue to expand its wine business, focusing on the premium end of the market - A$10 and above - for its superior returns.

Cairns said the company could afford to spend A$200 million a year over the next four to five years without jeopardising its credit rating.

"We think asset prices will come down in the wine market, and we think asset prices will come down in Asia.

"Provided we're patient, bargains will come up."