Delegat's Group has said that it is performing in-line with expectations, but currency, a continuing oversupply of wine and macroeconomic weakness continue to pose challenges.
Delegat's Group has reported increases in net sales and profits in the first half of its fiscal year, but has warned that New Zealand's wine grape glut could last for another three years.
Delegat's Group has moved to acquire full control of under-pressure Oyster Bay Marlborough Vineyards in order to protect its wine grape supplies for the Oyster Bay brand.
Impairment charges wiped out the majority of Delegat's Group profits for its latest fiscal year, but the Oyster Bay wine brand owner said that it was upbeat on future sales.
A slump in wine grape prices and impairment charges on the value of vineyards has caused Oyster Bay Marlborough Vineyards to swing to net losses for its fiscal year.
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