Delegat Group lifts profit, dividend, despite lower sales

Delegat's has reported its annual result. Photo / File

NZX-listed wine producer Delegat Group said its operating net profit for the June year was a record $65.5 million, up 8 per cent on the previous year's, despite lower case sales.

The company's operating EBITDA came to $122.9m, up 5 per cent, and also a record.

Delegat's "reported" net report fell by 5 per cent to $62.2m after IFRS fair value adjustments.

The company lifted its final dividend to 20c from 17c.

Total case sales fell by 3 per cent to 3.17m due to the impact of global port congestion and constrained shipping line capacity.

The group harvest came to - 37,470 tonnes, down 2 per cent on 2020, but was of "exceptional" quality across all three of its wine regions, the company said.

Sales revenue dropped by 1 per cent to $295.1m.

Cash flows were strong at $74.7m.

Looking ahead, the company has forecast a 2022 operating profit in the range of $57m to $61m, based on today's exchange rates.

"Ongoing supply chain disruption will be continued to be monitored," the company said.