Foley Wines reports 60% earnings drop, optimistic future

Foley Wines has reported a 60% decrease in operating earnings for the year ended June 2024.

The company's after-tax loss also widened to $4.1 million, a 164% decrease compared to the previous year.

However, Foley Wines saw a 0.3% increase in bottled sales revenue, reaching $62.5m.

The annual report highlighted the company's success in developing strong routes to market, as its case sales only declined by 4%, outperforming the industry which was down 21% for packaged wine.

Foley Wines' shipments to the United States also saw a significant growth of 60%.

The company's CEO, Mark Turnbull, acknowledged the tough year but expressed optimism about the future, stating that Foley Wines is in a good position to sell through the 2024 vintage.

No final dividend will be paid for the year.