Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Delegat's sees lift in FY earnings in face of high kiwi

Delegat's sees small lift in annual earnings, warns on strong currency

Dec. 4 (BusinessDesk) - Delegat's Group is flagging a small increase in annual earnings for 2013, though it’s warning that the strong kiwi dollar is making life hard for the wine-maker.

The company forecasts operating profit of $27 million in the 12 months ending June 30, 2013, managing director Jim Delegat told shareholders in Auckland. That's a 6 percent lift in earnings from 2012. The winemaker sees a 6 percent sales growth in 2013 to 1.97 million cases expected to sell at $119.10 a case.

"The group continues to actively manage its currency exposure, however currency movements have the potential to impact on earnings," Delegat said. "With strong and sustainable competitive advantages in brands, distribution, supply and quality, the group is well-positioned to achieve its sales forecasts in the years ahead."

The shares fell 1 percent to $3.07, and have jumped 52 percent this year.

Delegat's expects sales to pick up in the 2014 and 2015 financial years, with the fastest growth in North America.

Chairman Robert Wilton flagged directors' fees will be reviewed next year, with the existing pool "at the lower end of the scale of companies of similar size and complexity."

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news