TVV achieves record profit for the year ended 30 June 2016 and announces increase in dividend

This year the total gross income from grape sales was $8.9m (2015 $7.1m) and after expenses the operating profit was $3.4m (2015 $1.4m). After accounting for valuation movements and redevelopment expenses, the 2016 net profit before tax was $5.0m (2015 $1.0m).

Your Board has resolved to declare a dividend of 1.5 cents per share ($600,000) payable on 15 December 2016 with a record date of 30 November 2016. The remaining amount will be used to reduce bank debt, continue with the capital upgrade projects, including the Twyford replant program, planning and providing water storage and hold a buffer in the accounts for working capital.

The Annual Report and Notice of Meeting (set for 28/11/16 at 2.30pm at Villa Maria Estate, Auckland) will be sent in the first week of October.

Alan O'Sullivan

Secretary