Delegat has record 2018 harvest, driven by increase in NZ grapes
By Jonathan Underhill
May 4 (BusinessDesk) - Delegat Group, New Zealand’s largest listed winemaker, says it had a record harvest this year, driven by an increase in New Zealand grapes, while its Australian harvest fell.
The Auckland-based company said the 2018 harvest rose to a record 40,059 tonnes, as grapes collected in New Zealand rose 10 percent to 38,012 tonnes. The Australia harvest for Barossa Valley Estate fell to 2,047 tonnes from 2,760 in 2017.
"The 2018 vintage has delivered excellent quality in all regions," managing director Graeme Lord said in the statement.
The winemaker, whose stable includes the Oyster Bay brand, reported in February a 9 percent gain in first-half operating profit to a record $26.9 million. At the time, chairman Jim Delegat said the group was on target to achieve global case sales for the full year of 2.78 million, up 5 percent on the prior year. It forecast a 2018 operating profit result of at least $40.7 million, up 6 percent on the year.
Delegat's bought the assets of Australia's Barossa Valley Estate out of receivership for A$24.7 million in 2013, gaining a 5,000-tonne winery, a 41-hectare vineyard in the Barossa Valley, grape grower contracts and inventory and brands.
The shares last traded at $7.62 and have gained 25 percent in the past 12 months.8.29 and have gained 32 percent in the past 12 months.