The wine industry could be in for a long haul back to profitability, according to the latest wine industry survey.

The survey, conducted by Chartered Accountants Markhams says there is confidence in the industry and that most of the wineries surveyed will be trading profitably in five to ten year’s time.

Markhams spoksperson Sam Bassett says most of the wineries had found 2010 to be more positive than they had feared, and nearly half  said trading conditions had improved.

“There is an underlying level of confidence in the industry but it is in the five to ten year time frame it will not be immediate. There are still going to be some difficulties, with land being over-valued and over supply in the short term.”

Sam Bassett says more than 40 per cent of wineries think trading will improve over the next year.

But as the industry continues to fight the effects of over production, bulk wine sales and local discounting, only half of those wineries surveyed believe they will be making a profit.

“I think that the worst is over and certainly there is a level of underlying confidence in the survey but we’ve still got some way to go” Mr Bassett said.

Last week the Grape Growers Council said the 'glut that had haunted the industry had gone' and this year’s harvest was looking ‘bountiful’. If the industry was able to manage its volumes, then that would help lift the price.