Marlborough Wine reports revenue drop, sales growth

Marlborough Wine Estates Group has reported a 11.4% decrease in revenue for the year ending June 30 2024.

The company's focus on distribution and branded sales, however, resulted in a 5% increase in branded sales revenues and a 2.8% increase in volumes.

This growth was driven by broader distribution in New Zealand, which saw a 16.8% increase in branded sales revenue.

MWE's international markets were impacted by global customers reducing inventory levels and adjusting purchasing patterns.

The 2024 harvest also had a significant impact, with the company's vineyards experiencing a 32% reduction in yield.

As a result, MWE posted a net loss of $3.29 million after tax, compared to a profit of $295,000 in the previous year.

The group remains positive about the future, citing the long-term demand and supply equations for New Zealand wine.