NZ: Delegat’s targets US as sales leap

By | 31 August 2006

Delegat's Group has posted a healthy rise in its full-year figures.

The New Zealand wine company said yesterday (30 August) sales for the 12 months to 30 June were up by 47% year-on-year to NZ$85.38m (US$m), leading net profit to double to NZ$5.2m. At the same time, net profit was 19.5% ahead of the company's forecasts.

Delegat saw exports improve in the year, with volumes leaping 42%, representing 84% of the group's total sales.

Moving forward, the company - New Zealand's third biggest wine producer - said it has high hopes for the US market. With only 10% of production headed to the US, Delegat's said the country would be its "major thrust", having set up sales offices in the country.

The UK was Delegat's biggest export market, taking 40% of total production, with 30% going to Australia and 7% to Canada.

Earlier this year, Delegat's acquired Oyster Bay Marlborough Vineyards - in which it already held a 33% stake - in a deal worth around NZ$6 per share.

The deal came after a protracted battle with fellow shareholder Peter Yealands, who accused Delegat's and Oyster Bay of holding back information from shareholders on the value of its vineyards.

Sectors: Wine

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NZ: Delegat’s targets US as sales leap

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