Australian Vintage, maker of wines such as McGuigan, Tempus Two and Nepenthe, is the -latest corporate victim of Britain's decision to exit the European Union after it issued a profit warning yesterday blaming "Brexit" concerns for a $1 million foreign exchange loss. 
Australian Vintage, whose McGuigan Black Label is Australia's top selling bottled red wine by volume and the sixth-biggest wine brand in Britain, said before the Brexit vote took place the company was on track to record net profit growth of 10-15 per cent for the 2016 financial year.
The trading picture had been rosy to date, with sales for the end of   May up 8 per cent on last year and sales of the flagship McGuigan brand up 22 per cent globally.
In   May, the company informed the market that subject to no material changes to exchange rates, Australian Vintage expected 2016 net profit after tax (and before one-off items) to be up 10-15 per cent on last year's $7.1m profit.
But Brexit looks to have crashed those dreams, sending the company's shares down 7.1 per cent, or 4c, to 52c.
"The recent significant unfavourable movement in the British pound has meant Australian Vintage will need to account for an unforeseen, unrealised foreign exchange loss of approximately $1 million after tax as at   June 30 2016," the company said in a statement to the ASX.
"This unrealised loss is based on the exchange rate impact on our UK-based working capital." The pound slumped after Britain voted to leave the EU last month, falling to a 30-year low.
"It is unfortunate that the recent events surrounding the Brexit vote have led to Australian Vintage's profit being adversely affected," said Australian Vintage chief executive Neil McGuigan.
"This event was outside of our control and is disappointing as our company was on track to achieve a 10 per cent to 15 per cent profit growth on last year.
"We expect the uncertainty in the UK to settle down in the short to medium term and are continuing to execute the growth plans for our branded business, which we expect will drive an improved cashflow in the near term." On Monday, rival Treasury Wine Estates issued an upbeat -assessment of its own financial forecasts, raising guidance and commenting that it did not expect any major financial impact from the Brexit result.Australian Vintage also said yesterday the cost of recently terminating the lease on a vineyard would be $500,000 less than the $9.7m originally estimated.