Posts tagged "Comvita"

Southeast Asian company offers to buy Manuka Health

[28 September/Stuff] A Southeast Asian company offered to buy for an undisclosed amount. It would be subject to Overseas Investment Office approval. Its CEO, John Kippenberger, said there was speculation the price was over $200 million, but would not confirm the actual figure. The buyer was the Hong Leong Group from Malaysia, however Mr Kippenberger...

Manuka honey causing legal problems in the US

[28 August/Stuff] There has been an unexpected increase in food crime in the first half of 2018. One incident involved USD98,000 worth of ramen noodles being stolen, in Chile a drought caused avocado related crimes. Theft of avocados was also a problem in New Zealand. This had led to the installation of alarm systems in...

Poor harvest affects Comvita annual result

[22 August/The Country] Manuka honey grower and exporter, Comvita, experienced a second poor annual harvest which resulted in a 16 percent decline in after tax profit. A third poor harvest was not being ruled out, however Comvita held a positive outlook. Comvita shares are down over 30 percent since the start of the year. Comvita...

Comvita silent over Manuka Health bid

[31 July/NZ Herald] Comvita declined to comment on whether it was interested in making a bid for Manuka Honey New Zealand. Manuka Health was put on the market six weeks ago for more than AUD200 million. A Comvita spokeswoman said it was unable to comment on its interest or potential acquisitions without first updating the...

Poor seasons hit Comvita earnings

[25 May/Otago Daily Times] According to Craigs Investment Partners, Comvita would take another two years to reach its $400 million sales target after two poor seasons in a row. It downgraded its recommendation from buy to hold. Comvita lowered its forecasted annual earnings due to adverse weather. The stock price fell sharply since Comvita said...

Comvita share price dives after sale falls through

[21 May/The Country] Comvita’s share price fell sharply after talks with a potential buyer fell through. Harbour Asset Management Portfolio Manager, Shane Solly, questioned if after two tough harvest periods, the company could keep up the rate of growth investors were used to. The company announced it was in talks with a third party, whilst...

Comvita signals a takeover could be in the wind

[16 April/NZ Herald] Comvita foreshadowed that it may be the subject of a takeover offer from an unidentified third party. It emphasised the possible acquisition was an incomplete transaction proposal currently and that there was no certainty that any offer would be forthcoming. The potential takeover was disclosed alongside a downgrade to its earnings forecast....

Comvita swings to first-half profit, reiterates full-year guidance

[23 February/NZ Herald] The Manuka honey company Comvita reiterated its full-year earnings despite bad weather hitting the 2018 season. They reported a net profit of $3.7 million in the six months to December 31 when compared to a $7.1 million loss in the prior period. Chief Executive, Scott Coulter, said total sales were up 44...

Comvita predicts return to profit after better honey season

[30 January/NZ Farmer] Comvita is predicting a recovery this year from one of the poorest honey seasons in decades and expects to return to profitability for the 2017/18 financial year.  The company last year reported an operating loss after tax of $5.5 million but Chairman, Neil Craig, says that based on a normal harvest the...

Honey producers abuzz over promising harvest

[5 December/ Radio NZ] Apiculture New Zealand Chief Executive, Karin Kos said this year’s honey production season was shaping up to be one of the best in years, primarily due to the warmer weather. Ms Kos explained that it was a complete turnaround from last year’s poor season where Comvita’s profits halved to just under...

Comvita lifts 2018 earnings outlook

[18 October/New Zealand Herald] Comvita Chief executive Scott Coulter has confirmed a rise in the company’s 2018 earnings outlook after a solid recovery of the so-called grey channel into China and significant North American sales. The Te Puke-based company’s first-quarter sales rose 35 percent from a year earlier and were tracking ahead of budget. Comvita...

Apiculture career programme has excited cadets buzzing

[2 October/ New Zealand Herald] Avril Pehi, 16, and Robert O’Brien, 21, began cadetships at Comvita’s Kiwi Bee Whanganui apiary in 2016 and have achieved national certificates in apiculture level 3 through Comvita’s Building Better Beekeeping cadet programme. The two aspiring beekeepers are halfway through the programme. Mr Pehi and Mr O’Brien are two of...

Comvita beats earnings guidance, upbeat about FY18

[22 August/The Country] Natural health products company, Comvita, saw its shares jump 10% after it beat full year guidance and said it expects to return to profit in the current financial year. The company which uses Manuka honey a core ingredient, reported an after tax operating loss of $5.5 million for the year to June...

Those trying to define what makes NZ’s manuka honey special struggle to agree

[4 August/ Stuff] Comvita has proposed a manuka honey definition, as the bee industry attempts to develop a standard to ensure the product is not fraudulent. The Ministry for Primary Industries is creating a definition among competing industry claims over the best method to determine real honey. This comes after claims that consumers are being...

Comvita says manuka at low risk from myrtle rust

[29 June/ Stuff] Comvita has said Myrtle rust does not pose a large risk to the multi-million dollar mānuka honey industry and was reassured by the way the disease had not damaged equivalent plants in Australia, especially in Tasmania. In 2016, the honey industry made $315 million in exports, mostly from mānuka. The industry has...

Comvita shares slump 9.4pc on Deutsche Bank downgrade, news of Myrtle Rust

 [5 May/ New Zealand Herald] Comvita shares decreased 9.4 percent due to investment analysts cutting their valuation for the mānuka honey products company. The shares fell as low as $6.07 in early trading last Friday, a record low since January 23, and recently decreased to $6.25 after Deutsche Bank decreased its stock price target to...

Comvita adds to growing list of earnings woes

[5 April/ NZ Herald] After honey maker Comvita fell short of market expectations and announced it was likely to fall into operating loss in the current financial year, investors have left the brand. The company attributes the loss to a poor harvest and trouble in the unofficial daigou trade channels with China, expecting to bring...

Comvita shares slump as honey products maker tips loss

[27 October/ National Business Review] Comvita shares have fallen by 11 percent after the company announced it could face a loss in the first half of the 2017 financial year. Chief Executive, Scott Coulter said the probable loss was due to a decline in sales out of Australasia since China cracked down on grey market...

Comvita share placement lifts Chinese investor’s stake to 9%

 [24 October/ National Business Review] Comvita has placed 2 million shares with China Resources Ng Fung, increasing the Chinese food giant’s stake from less than 5 percent to around 9 percent. Comvita said in a statement that the move would strengthen working capital and provide funding to support strategic initiatives currently under consideration. The deal...

Comvita restructure could mean lay-offs

[12 September/ NZ Herald] Comvita staff around New Zealand have been told that restructuring could mean redundancies for some employees. Comvita Chief Executive, Scott Coulter said the company was conducting a review and there could be some redundancies, but there had yet to be any decision on the number of redundancies or what parts of...

Comvita forms joint venture with China distributor

[5 September/ NZ Herald] Comvita and its Chinese distributor, Shenzhen Comvita Natural Food Co, have formed a 51:49 percent joint venture, with Comvita being the controlling shareholder. Comvita Chief Executive, Scott Coulter said Chinese customers ultimately consumed about 60 percent of the company’s total sales. Mr Coulter added that the deal represented the continued evolution...

Comvita confident it will weather new Chinese rules

[25 August/ NZ Herald] Comvita Chief Executive, Scott Coulter said the company was confident its business would not be disrupted by Chinese regulator changes facing honey producers. Mr Coulter was referring to China’s Certification and Accreditation Administration’s new requirement that wineries and honey producers register before exporting products to the country. Mr Coulter added that...

Comvita profit rises as company in growth mode

 [23 August/ Business Day: NZ Farmer] Comvita’s net profit after tax increased by 81 percent from $10.2 million in the 12 months ended March 2015 to $18.5 million in the 15 months ended June 2016. The company changed its reporting period to the end of June in order to better align with the honey producing...

Comvita posts record profit of $17.2 million

 [10 May/ Business Day: NZ Farmer] Comvita announced that their profit after tax for the year increased from $10.2 million in the 2014-15 season to a record $17.2 million in the 2015-16 season. Comvita Chief Executive, Scott Coulter said the company was continuing to build scale and increase its sales base. Mr Coulter explained that...