Comvita profits gain altitude

Farmers Weekly

March 5, 2021

Manuka honey exporter Comvita is flying straight and level again, and aims to resume paying dividends at the end of the 2021 financial year.

honey-bee — The apiary division broke even despite the major loss of honey extraction along the east coast from Cyclone Gabrielle.

The apiary division broke even despite the major loss of honey extraction along the east coast from Cyclone Gabrielle.

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It returned to profit in the first-half results, declaring $3.5 million compared with minus $13m in the previous corresponding period.

Reported earnings were $10.6m, an improvement of $19.4m.

Revenue was a shade under $100m, which was 5.5% higher.

Guidance for the full year was reaffirmed at $20m to $23m for earnings before interest, tax, depreciation and amortisation.

For the past six months Comvita’s share price has hovered in the $3.20 to $3.30 range after a prolonged up and down flight path from $4 to $1.60 and everything in between.

Comvita profits gain altitude

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