Delegat’s Sales Top Forecast

Tuesday, 24 August 2004, 3:30 pm
Press Release: Delegat's

24 August 2004

Strong demand for Delegat’s super premium Oyster Bay® wines in Britain in June has enabled the achievement of an above forecast result in revenues for the year to June 30.

Revenues were $400,000 above forecast at $32 million. Net profit after tax was $1.450 million, after including Delegat’s share of the equity accounted net profit of 32 per cent owned associate, Oyster Bay Marlborough Vineyards Limited.

The result is after taking into account $3.335 million in expenses and fees associated with the $35 million issue of capital notes completed after balance date in July and recognises a $2.56 million gain on the sale and lease-back of the Rarangi Vineyard in Marlborough.

Managing director Jim Delegat says the uplift in sales in Britain has continued unabated into July, where Oyster Bay® is the number two super premium New Zealand wine.

“Oyster Bay’s Sauvignon Blanc, Chardonnay, Merlot and Pinot Noir are well placed to capture the trend to higher quality, higher priced, elegant, flavourful wines.”

Mr Delegat is in Singapore to launch Oyster Bay® to the wholesale and retail trade there. Oyster Bay is already established in Hong Kong.

With the support of its Asian distributor Maxxium, Delegat’s is looking to expand into other markets in the region.

ENDS

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