NZ Wine Company announces half year profit

The New Zealand Wine Company, parent to Marlborough wine company Grove Mill, has announced a half yearly profit of $414,000.

The unaudited net surplus result for the six months ended December 31 was 19 percent higher than the $348,000 reported for the same period last year, due to a 25 percent increase in gross revenue to $4.2 million, chairman Mark Peters said.

Mr Peters said the surplus would have been higher were it not for significant investment in brand-building during the half year, but that investment was seen as part of a foundation for future growth.

"This along with continued concentration on consistent quality of production should see the company well placed to meet future growth targets in both revenue and surplus over ensuing years,'' he said.

- NZPA