Waipara winery says loss was expected after float

By SIMON HENDERY

Newly floated Waipara Hills Wine Estate has reported an "as expected" four-month start-up loss of $766,000.

The company said revenue for the four months to the end of December of $124,000 was behind because of bottling occurring later than expected and delays in negotiating British export contracts.

Sales volumes were expected to meet budget levels during the year and chairman Syd Bradley said projections showed the company was in line to meet key projections.

The company issued 2.7 million partly paid $1 shares last year and said yesterday that it would require shareholders to pay a final call of 40c a share by April 5.

Waipara, whose board includes Jade Software's Sir Gil Simpson, used proceeds from the float to buy the assets of the Langdale Wine Company.

Its aim to produce and market premium quality wines was helped by winning a gold medal for its Langdale 2001 riesling at the Air New Zealand Wine Show.