26 Aug 2021

Mānuka honey sales in US and China drives profit for Comvita

1:55 pm on 26 August 2021

The listed honey producer Comvita is crediting strong growth in Mānuka sales to the US and China for helping drive a return to profit.

No caption

Photo: 123rf

Reported net profit after tax was $9.5 million, compared to a loss of $9.7 million in the previous year.

Comvita said the 2021 financial year had been a crucial one for the company, as it looked to prove the businessess' significant potential.

In 2020 the company completed a strategic review and chief executive David Banfield said the business had gone through significant change in order to arrive at this point.

"The results shared today show that we have come a long way to stabilise performance at Comvita. Not only have we returned to profitability... we have also significantly simplified the business to set up Comvita for long-term profitable growth."

Revenue lifted 31 percent in China and 23 percent in the US, which helped offset material headwinds in Australia, New Zealand and Hong Kong markets.

Banfield said it was was particularly encouraged by its performance in its focus growth markets of North America and China, which was the world's biggest honey market.

"We are genuinely excited by the growth opportunities that lay ahead of us," he said.

Get the RNZ app

for ad-free news and current affairs