CANADA: Andrew Peller starts fiscal 2013 strongly with healthy Q1

• Q1 net profts rise by 20.5% to CAD4.4m (US$4.4m)
• Sales also rise, by 4.7% to CAD72.7m
• Operating profits increase by 7.8% to CAD6.5m
• Hoping for "another solid year"

Andrew Peller has hailed its tie-up with hockey player Wayne Gretzky as helping to drive its first-quarter results.

The Canadian wine producer said late yesterday (8 August) that net profits in the three months to the end of June rose by 20.5% to CAD4.4m (US$4.4m), as sales increased by 4.7% in the period to CAD72.7m. Operating profits were also up, by 7.8% to CAD6.5m.

The company, which has wineries in British Columbia, Ontario, and Nova Scotia, said that the partnership with Wayne Gretzky Estate Winery, announced last year, had made a strong contribution to growth.

Andrew Peller also highlighted "the acquisition of Cellar Craft, new product introductions, ongoing initiatives to grow sales of the company's blended varietal table and premium wines through provincial liquor boards, and strong export sales" as contributing to the performance.

"Looking ahead, we believe fiscal 2013 will be another solid year as we capitalise on rising demand for our high quality wines across all of our well-established trade channels," said company president & CEO, John Peller.

Andrew Peller's common shares trade on the Toronto Stock Exchange.

To read the company's official statement, click here.