Marlborough Wine Estates Group has announced a 32% decrease in its 2024 harvest yield compared to the long-term average, as a result of the region's extremely dry conditions.
The company's harvest was also 36% lower than last year.
These weather conditions and the impact on vine growth and berry size were previously attributed to the reduced harvest volume.
While the warm and dry conditions contributed to the fruit being harvested early and in excellent condition, the lower yield and reduced grape prices will have a negative impact on MWE's profitability for this financial year.
The company estimated that it would be unable to replace approximately $2.5 million in unrecoverable grape revenue and growing season costs with branded wine sales.
However, MWE expressed its focus on pursuing the growth of branded wine sales in domestic and international markets, as it reduced bulk wine sales in the current year.
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