Record sales not enough to buoy Delegat earnings

Fri, 25 Feb 2022

Delegat Group posted an 8% decline in first-half earnings as record sales weren’t enough to offset the smaller harvest of 2021 and growing costs of navigating snarled up shipping channels.Operating profit fell to $39.5 million in the six months ended Dec 31 from $43m a year earlier, even as revenue climbed 3% to $178.7m with a record 1.89m cases sold in the period, up 2% from the prior period.Delegat’s margins were squeezed by the increased cost of grapes from the smaller 2021 vintage, more expensive transport and unfavourable excha...

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