Bumper harvest helped Foley Family Wines quadruple full-year profit

Foley Family Wines, which operates brands including Vavasour and Martinborough Vineyard has more than quadrupled full-year profit to $6.5 million after a bumper harvest. The NZAX-listed company controlled by American billionaire Bill Foley lifted sales to the UK and Europe by 48 per cent to 71,000 cases. Sales in New Zealand fell by 14 per cent to 101,000 cases, a performance it described as “disappointing”. Sales in Australia were flat, while North American sales rose 15 per cent to 131,000 cases.