Delegat's warns of lower year end profit

It now forecasts a net profit after tax of $2.58 million for the year ended 30 June 2005; a reduction on the projection contained within the Investment Statement and Prospectus dated 21 June 2004.

The impact of the strong New Zealand dollar was foreshadowed by the directors in the December 2004 interim report. Export earnings represent 82% of total Group revenue and whilst the in-market price realisation and margins have been maintained, the conversion to New Zealand dollars results in a reduction of the forecast net profit after tax for the year.

Global case sales volumes for the year are forecast to exceed projections reflecting the Group's international focus on increasing market share and on the strategic positioning of the Group's brands.

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