Marlborough Wine Estates Group
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Marlborough Wine Estates Group (MWE) investor relations material

Marlborough Wine Estates Group has been delisted

Marlborough Wine Estates Group H2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Marlborough Wine Estates Group Limited
H2 2024 earnings summary25 Sep, 2024

Executive summary

  • Revenue declined 11.4% year-over-year to $8.35 million, driven by reduced bulk wine sales and lower international shipments.

  • Net loss after tax was $3.3 million, compared to a $295,000 profit in FY23, mainly due to lower yields and higher costs.

  • Branded sales revenue grew 5% and volume rose 2.9%, with New Zealand branded sales revenue up 16.7% and volume up 14%.

  • The 2024 vintage yield was down 36% from last year, significantly impacting profitability.

  • The company remains focused on expanding its global distribution network and premium branded wine sales.

Financial highlights

  • Revenue: $8.35 million (down 11.4% year-over-year).

  • Gross profit: $0.64 million, down from $3.63 million in FY23.

  • Net loss after tax: $3.3 million (FY23: $295,000 profit).

  • Net cash outflow from operating activities: $2.0 million (FY23: $619,000 inflow).

  • Vineyard revaluation loss: $2.82 million (FY23: $1.05 million gain).

  • Basic and diluted loss per share: $(0.011) (FY23: $0.001).

  • Net tangible assets per share: $0.085 (FY23: $0.105).

Outlook and guidance

  • Focus remains on building a robust branded wine business and expanding international distribution.

  • Reduced 2024 vintage yield presents growth opportunities in key export markets.

  • Industry export volumes grew in the second half of FY24, positioning for improved FY25 performance.

  • Management expects recovery as New Zealand wine maintains strong global demand.

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    Frequently asked questions

    Marlborough Wine Estates Group Limited is a New Zealand-based company engaged in the cultivation, production, and sale of premium wines. The company operates vineyards primarily in the Marlborough region, known for producing high-quality Sauvignon Blanc and other varietals. Marlborough Wine Estates markets its wines under several brands, catering to both domestic and international markets. The company focuses on sustainable viticulture practices to maintain quality and environmental responsibility, aiming to meet the growing demand for New Zealand wines worldwide. The company is headquartered in Auckland, New Zealand, and its shares are listed on the NZX.