Foley Wines squeezes bigger earnings from small harvest

Thu, 24 Feb 2022

Foley Wines eked out a bigger first-half profit despite a smaller harvest as the winemaker’s attempts to move up the value chain bear fruit.Operating earnings climbed 35.8% to $4.8 million in the six months ended Dec 31 from a year earlier, squeezing a fatter margin from fewer sales. Revenue rose 8.5% to $28.5m, even as case sales slipped 1% to 278,000. Net profit, which includes unrealised movements in the value of the company’s vines, rose to $3.5m from $2.6m.“The past six months has been another period of uncertainty, suppl...

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