2024 Annual Report released.

 2024 Annual Report

 

On behalf of your Board of Directors I have pleasure in reporting on the financial results for the year ended June 30, 2024 in the attached Annual Report.

 

Further to our announcements pre-harvest in February 2024 and again post-harvest in April, the harvest was 4044 tonnes, 20% below the budgeted tonnes and was due to very poor flowering conditions in the Marlborough and Hawke’s Bay regions, caused by exceptionally dull overcast weather during that critical period. This was coupled with a drop in the grape prices of about 10% resulting in a reduced crop value of $8,407,593.

 

The operating loss was $2,363,790 and the loss before tax of $2,775,565 is after allowing $700,168 for additional depreciation for the replanting plan at the Seddon and Taylors Pass vineyards. EBITDA was in the positive at $1,638,028.

As a result of the negative impact on cash flow resulting from much less revenue than budgeted for, your Board has resolved not to pay a dividend this year. The Annual Report and Notice of Meeting have been emailed or posted directly to shareholders today.

 

Joe Ferraby (Chairman)

 

Click here for ---> 2024 Annual Report

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