Wednesday, December 6, 2023

NZ wine making a splash overseas

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Delegat wine sales increased to 7% to 1.862 million cases in the six months to December 31, 2020, as the United Kingdom, European and North American sales soared.
The group is aiming to increase case sales by 4% in the current financial year.
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Case sales were up 12% in the UK, Ireland and Europe, and up 17% in the United States and Canada.

Conversely, Australian, New Zealand and Pacific sales dropped by 16% in the first-half compared with the previous corresponding period.

Operating revenue was up 9% to $168m, operating earnings before interest and tax were up 21% to $64.5m, and net profit was up 25% to $43.1m.

Profit was 25% of revenue versus 22% previously and the improved margins accounted for 74% of the profit increase.

The outlook for the full year includes case sales of 3.4m and operating profit of $67m, which would be an improvement of 10% on FY2020.

The company made no further comments on market conditions.

Over the past year, Delegat shares have risen in price by $4.70 to around $15 currently, an increase of 46%.

Following usual practice, Delegat did not declare an interim dividend and said it would do so at the end of the financial year.

In the past two years that dividend has been 17c a share fully imputed.

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