Good year for NZ wine in the UK

Falling British prices of New Zealand wines have helped that nation's largest wine warehouse chain, Majestic Wine, to a record profit.

It yesterday reported underlying pre-tax profits of 13.2 million ($34.25 million) in the year to March, up 24 per cent on the previous year.

Majestic chief executive Tim How said lines from New Zealand enjoyed a good year, with the wines becoming more affordable.