Rioja winery, Baron de Ley, has posted H1 profits of € 7.64m (US$6.85m), up 1.9% on the first half of last year. Sales reached € 26.04m, up 5% on the previous year. EBITDA was up 5.6% at € 11.17m.

Export sales accounted for 34% of the sales volume.

A spokesman for the bodega said that sales were back in line with budget after the disappointing Q1 results. Investments during the first half were running at € 7m, mainly at the wineries at El Coto de Rioja and Cigales.

Full year turnover is expected to be around € 55.89m with gross profits in line with budget at € 16.83m. A further € 8m will be invested in their installations during the second half of 2001.

Wines & Spirits in Spain 2001