CANADA: Magnotta Winery enjoys rising FY sales, profits
Canadian wine producer Magnotta Winery saw full-year earnings rise over 6% thanks to increased distribution in its home province of Ontario.
The company on Wednesday (19 April) posted net earnings of C$2.6m (US$2.3m) for the 12 months to 31 January, on the back of a 4.8% leap in sales to C$22.2m.
Magnotta pointed to two factors for the buoyant performance last year, the relocation and expansion of its Brampton retail winery and its head office expansion in Vaughan, Ontario.
The company said it believed its moves to invest in new product development and behind its brands would stand it in good stead.
"The company's future success is linked to the Canadian, and more specifically, the Ontario wine markets. These markets are expected to grow as the demographic landscape changes and consumer preference shifts to table wines, and more specifically, premium table wines. The company, through its new product developments as well as changes in its branding and marketing initiatives in the last few years, is determined to capitalize on this trend."
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