18th April 2024 Terra Vitae / Wine
Terra Vitae Vineyards, which supplies grapes to Villa Maria, has reported its 2024 harvest is 20% below budgeted tonnage.
Marlborough Wine Estates and grape grower Terra Vitae Vineyards say they are both feeling the impacts of global economic headwinds slowing demand for their products.
A bumper harvest did not translate into a bumper profit for grape grower, which nonetheless delivered a solid performance in a year disrupted by Cyclone Gabrielle.
Terra Vitae has reported a harvest of 5,219 tonnes for its 2023 vintage from its Hawke’s Bay and Marlborough vineyards.
Terra Vitae Vineyards said its Hawke’s Bay vineyards Keltern and Twyford Gravels vineyards have escaped serious flooding, which many of the vineyards and orchards in the area did not.
Palliser Estate has managed to stay in the black despite what it says was one of its “most challenging years ever” but has signalled a new business model in the pipeline.
Terra Vitae Vineyards has reported a record total harvest value of $12.7m on the back of its largest ever harvest of 5,633 tonnes and a record uplift in prices in the year to 30 June 2022.
Terra Vitae Vineyards, which supplies grapes to Villa Maria, has advised that a record harvest of 5633 tonnes was achieved for the 2022 vintage.
Villa Maria grape supplier Terra Vitae Vineyards has dipped into the red after what it said was “an extremely difficult growing year,” according to its 2021 annual report.
Terra Vitae Vineyards says Villa Maria Estate will remain one of its cornerstone shareholders with a 21.89% stake following the completion of its sale to Indevin Group.
Terra Vitae Vineyards is reassuring shareholders not to worry about speculation Villa Maria Estate Limited may be bought.
Terra Vitae Vineyards’ traded at an operating profit of $1.16m for the year ended June 2020.
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