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

 


Delegat's 2014 harvest supports sales growth projections

Delegat's says 2014 harvest supports sales growth projections

By Tina Morrison

May. 23 (BusinessDesk) - Delegat's Group, the winemaker which last year bought Australia's Barossa Valley Estate, said its just completed 2014 harvest will allow it to achieve its forecast future sales growth.

The Auckland-based winemaker expects to increase wine sale volumes by 2 percent to 1.985 million cases in the year ending June 30, accelerating to an 8.8 percent pace in 2015 and 8.9 percent in 2016, according to projections detailed in its 2013 annual report. The 2014 harvest amounted to 35,127 tonnes, as its New Zealand vintage increased 18 percent to 34,123 tonnes. Its Australian harvest, the first vintage since acquisition of Barossa in June last year, amounted to 1,004 tonnes, the company said today.

"The 2014 vintage has delivered excellent quality in all regions," managing director Graeme Lord said. "The group has appropriate inventories to achieve future sales growth in line with guidance provided in the 2013 annual report."

Delegat's is embarking on a plan to boost global sales to 3.07 million cases of wine of the next six years, establishing its Oyster Bay and Barossa Valley Estate varieties as super-premium brands, as it targets the North American market. To support that growth, Delegat’s plans to spend $132 million in capital expenditure over three years, including the construction of a 10,000 tonne capacity winery in Hawke’s Bay and expanding its Marlborough winery and vineyard development. It expects to fund the investment by retaining earnings and using debt.

The company's shares last traded at $4 and have increased 6.7 percent so far this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Restrictions Lifted: No Further Tau Flies Found

The Ministry for Primary Industries (MPI) confirms that all restrictions on the movement of fruit and vegetables in Manurewa, Auckland, due to the Tau fly, have been lifted as of 2.26pm on Sunday 7 February. More>>

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news