Wednesday 24th February 2021
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Foley Wines Limited today announced a 5.8 % decrease in reported after tax profit of $2,566,000.
Ongoing impacts of the global pandemic impacted the key channels of restaurants, hotels and airlines for its premium brands, with total cases sales down 7 % to 281,000. Compounding the situation was logistic issues which meant long delays to shipping products around the world, without these delays, the company believes case sales would have been much closer to last year’s volume.
New Zealand performed well notwithstanding the challenges of Covid-19 with case sales up 8 % to 92,000. The key December period in particular was a standout with Foley Wines’ brands growing 14% compared with a 3.2% decline in the still wine category. The New Zealand market is responding positively to the company’s sustainability practices, particularly around using New Zealand recycled glass along with the latest initiative using labels made from a sugar cane which is a highly renewable material.
Last year during lock down the company announced that it would be building a new purpose-built wine barrel facility, distillery for Lighthouse, tasting room and restaurant in Martinborough. This project is progressing well with the barrel facility on track for completion in March and the restaurant is on track for this summer. The company believes that this investment is critical in continuing to develop its Martinborough brands’ into household names over time.
Mark Turnbull, Foley Wines CEO said “while the last 9 months has been challenging, we are committed to our strategy of building brands that satisfy the needs of discerning retailers and restaurants around the world. We believe building brands is the best way to create long term value for our shareholders, our growers and the broader New Zealand economy. In the past year we have secured some strong new routes to market for our premium portfolio, which under pins the quality of our portfolio as well as reinforcing the appeal of our rather unique business model here in New Zealand”.
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