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Delegat profits up by 37%

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Wine maker Delegat Group’s unaudited profit after tax for the year to June 30 rose 37% to $64.1 million, the company reported.  
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The figure includes fair-value movements in its vines and derivatives, which increased profit by $3.3m this year but had reduced earnings by $4m the year before.

Delegat said it achieved record case sales, up 9% to 3.3m cases, a touch above its February guidance of 3.2m cases.

Unaudited operating profit after tax was $60.8m, up 20% on last year’s $50.8m, and exceeding analysts’ forecasts of $54.2m.

Earlier this month Delegat appointed former managing director Graeme Lord to the board, 

The 52-year-old Lord worked at Delegat for almost 20 years from 1999 to 2018 but also spent some time in the 2000s as chief executive of Macpac.

Philip Gregan | July 16, 2020 from GlobalHQ on Vimeo.

At the annual meeting last year founder Jim Delegat was challenged on the age and diversity of its board members, which include 70-year-old Delegat, managing director John Freeman, 45, Rose Delegat, 69, Bob Wilton, 76, and independent directors Alan Jackson, 66, and Shelley Cave, 49.

The group’s stated strategic goal is to build a premium global wine company with a range of brands focused on internationally renowned New Zealand wine regions.

Brands under the group umbrella are Oyster Bay and Delegat and Australian brand Barossa Valley.

Shares recently traded at $12.76, having gained 10% in the last year. Delegat will announce its audited full-year results in August 2020. – BusinessDesk

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