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."


© Scoop Media

Business Headlines | Sci-Tech Headlines


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Housing: English On Housing Affordability And The Economy

"Long lead times in the planning process tend to drive prices higher in the upswing of the housing cycle. And those lead times increase the risk that eight years later, when additional supply arrives, the demand shock that spurred the additional supply has reversed. The resulting excess supply could produce a price crash..." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news