The volatile British pound and New Zealand dollar are eating into the profits of Oyster Bay wine maker Delegat's Group.
Speaking at the company's annual meeting in Auckland on Wednesday, managing director Jim Delegat says the producer is selling more wine but still expects its 2010 profit to be in line with last year's $30 million.
Responding to shareholder concerns that the winemaker's share price does not match its performance, Jim Delegat said the low share price is not constraining the company from doing what it wants to do.
He said the company has not been affected by the the oversupply of wine that has plagued many exporters over the last year.
Mr Delegat expects it will take up to three years for the market to rebalance itself.
Meanwhile, chairman Bob Wilton says the board has been discussing succession planning for himself and Jim Delegat, though neither have any intention of retiring just yet.
