Foley Wines reports record sales, profit despite challenges

Foley Wines Limited has reported record case sales and operating profit in its Annual Report for the 12 months ended June 2023.

The company achieved a 13.8% increase in bottled sales revenue, an 11.2% increase in case sales, and a 31.2% increase in operating earnings.

However, the company's harvest was down 12% due to a wet summer.

Foley Wines also completed major capital expenditure programs, including increasing the capacity of the Grove Mill winery and the construction of The Runholder, a brand home for Te Kairanga, Martinborough Vineyard, and Lighthouse Gin.

The company will not be paying a final dividend for the year, as the capital spend on these projects will benefit shareholders in the long term.

Despite challenges in the global economy and high interest rates, Foley Wines remains in good shape and continues to invest for the future.