Terra Vitae Vineyards

[Sideshow Bob]

Yesterdays update:

The New Zealand wine industry is currently experiencing a softening in demand for New Zealand wine, and exports of Vintage 2023 wines from New Zealand are slower than usual. This has resulted in large volumes of Vintage 2023 wine remaining in New Zealand and a reduction in market price being paid for Vintage 2024 grapes. In addition, poor conditions for flowering are predicted to result in harvest yields that are lower than the long-term district average. While the final yield results will not be known until harvest, the latest crop forecasts received by the Company are indicating yields significantly lower than the Company’s long term average yields. The lower grape price and low yields will have an impact on TVV’s profitably this year. Harvest is about to commence in both regions and an update will be posted on the final yields once harvest is complete.

[Sideshow Bob]

Ouch....!!

Further to the announcement on 28 February 2024, Harvest 2024 has now been completed and we can advise that the total yield was 4044 tonnes, some 20% below the budgeted tonnage. This reflects the results industry wide, which is reporting drops of 20%-30% in the Marlborough and Hawke’s Bay regions. The drop in yields is a result of the poor weather conditions during flowering, resulting in lighter and lower numbers of bunches.


The lower grape price previously signalled and low yields will have a significant impact on Terra Vitae’s financial result this year.


Alan O'Sullivan
Company Secretary