The Spanish winery Bodegas Riojanas has seen an 11.6% increase in its first-half net profit to €305,000, compared to €345,000.

Turnover rose to €4.92m from €4.88m a year ago. However, pre-tax profits dropped to €434,000 from €474,000.

The company was boosted by sales of its quality wines which were up 7%, on the same period last year. However, the company said in a statement that "the market tendency to consume younger wines and the existence of still expensive stocks is provoking a reduction in margins."

Around 43% of the group's wines are Reserva or Gran Reserva products. A further 35% of production is wines around two years old and the remainder are young wines.