Treasury Wine Estates chief executive Tim Ford, who oversees a stable of wine brands including Penfolds and Wolf Blass, says he’s a natural optimist.

But the procession of blows which progressively undermined what had been one of the ASX’s most high-flying companies over the past 12 months have been enough to test even the most cheery soul. Bushfires, the COVID-19 pandemic which flattened the hospitality industry, and then the Chinese government imposed punishing tariffs on Australian wine, decimating Treasury Wine's own $500 million-plus of annual exports to China.