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Delegat's forecasts 29% jump in full-year profit

Tuesday 2nd December 2008

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Delegat's Group, which controls the Oyster Bay wine brand, said profit may rise 29% this year amid demand for its products in export markets.

Full-year profit may rise to about $25 million, managing director Jim Delegat told shareholders at their annual meeting.

"The group continues to experience strong trading conditions," Delegat said.

First-half profit will be about $15.5 million, up from $6.4 million a year earlier, on sales of $112 million, he said.

The company's stock was unchanged at $2 and has fallen 20% this year, outperforming the NZX 50 Index's 34% slide.

By Jonathan Underhill

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