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Friday 28th August 2009 |
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Delegat’s Group Ltd posted a 57% jump in annual profit, as it had recently predicted, as demand for its Oyster Bay brand wines surged, defying the global recession.
Net income rose to a record $30 million, or 30.05 cents a share, from $19 million, or 19.15 cents a year earlier, the company said in a statement today. Sales rose 37% to $229 million. The shares rose 2.3% to $2.22.
“The group’s performance in the past year has demonstrated the resilience of its business model,” said managing director Jim Delegat. “The current challenging business environment is likely to prevail throughout 2010.” Still, the company expects “continued sales growth in 2010 and a profit at least in line with the past year’s record performance.”
The winemaker had global sales of 1.7 million cases in the latest year, up 20% from 2008. It has expanded sales force in Australia, the U.K., the U.S. and Canada and credits its ‘in-market’ sales team for the growth. Oyster Bay is now the leading New Zealand wine brand by sales in the U.K. and Australia.
Cash flow from operations soared to $42.6 million from $8.3 million in the latest year while the average price realization per case rose 11% to $124.59.The company will pay a final dividend of 8 cents a share.
Businesswire.co.nz
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