Wine retailer Treasury Wine Estate has reported a loss of around £337m in its half-year results.

According to the business, this was due to a post-tax material items loss of around £390m because of non-cash impairments of US-based assets.

The parent company of 19 Crimes and Penfolds saw its EBITS decrease by 39.6 per cent to around £122.7m.

The decline in earnings was affected by negative category trends across the US and China, as well as restrictions on shipments and import activity in China.

Sam Fischer, CEO of TWE said: “Today’s results come at a time when we are already making meaningful progress with the decisive actions required to return TWE to a path of sustainable, profitable growth.

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“Our focus is firmly on the future to strengthen execution and ensure we build a stronger, more resilient business for the long term.

“TWE Ascent is the key enabler of this reset. It is a disciplined, multi-year transformation programme designed to sharpen our portfolio, simplify the organisation and optimise our cost base.”

Moving forward, the wine retailer plans to execute a multi-year transformation plan aimed at creating financial recovery for the business.

Despite the decreasing results, the company stated there was positive activity in some of its brands, including Penfolds, Stags’ Leap, Pepperjack, Squealing Pig, 19 Crimes and Matua, in key markets.

Fischer stated that the company has “confidence in the strength of the portfolio” and has made progress on its strategy.