by Tony Aspler
The Canadian winery Magnotta reported that sales for the three months to the end of April were up by 3.7% over last year, to C$5.9 million (€4.13m). Net income for the period was also up by 2.2% to C$843,295. Magnotta explained
the growth by an expanded customer base, a rise in sales to restaurateurs and better marketing campaigns. "This steady and gradual increase in sales is consistent with management expectations," the company reported. However, margins are under pressure due to higher grape prices. To date, though, the strength of the Canadian dollar and compensated for the higher costs.
Earlier this year, the Magnotta family abandonned plans to take the winery private, when investors objected.
