close
MENU
Hot Topic Rich List
Hot Topic Rich List
1 mins to read

Delegat's profits steady despite forex crunch


Winemaker Delegat's Group (DLG) have kept profits steady despite a strong dollar and a slump in European sales.

Matt Nippert
Fri, 24 Feb 2012

Winemaker Delegat’s Group (DLG) have kept profits steady despite a strong dollar and a slump in European sales.

In six-monthly reports to December filed to the NZX, Delegat’s reported net profit after tax of $17.4 million, slightly up on the same period a year prior ($17.1 million).

The results came despite a strong dollar and a sales slump in Delegat’s largest market, the United Kingdom, Ireland and Europe.

Delegat's said the high dollar effectively cost $2.4 million compared to the same period a year earlier.

Sales revenue declined 10%, to $119 million from $131.7 million, after exports to Europe dropped 24%. The decline in Europe was partly offset by a 17% increase in the number of cases sold in North America.

Delegat's said the result left it on track to full-year profit targets of between $20.5 million and $24 million.

Matt Nippert
Fri, 24 Feb 2012
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.

Free News Alerts

Sign up to get the latest stories and insights delivered to your inbox – free, every day.

I’m already subscribed/joined

Free News Alerts

Sign up to get the latest stories and insights delivered to your inbox – free, every day.

I’m already subscribed/joined
Delegat's profits steady despite forex crunch
19013
false