Posts tagged "Comvita"

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...

Comvita joins forces with Capilano in Aussie

[3 March/ NZ Herald] New Zealand honey company Comvita has signed a memorandum of understanding with Australian counterpart Capilano Honey to form a jointly owned manuka honey business in Australia. The venture allows Comvita to secure larger volumes of manuka honey, enabling the company to increase production to meet global demand. Representatives from both companies...

Comvita shares surge on good result

[11 November/ Otago Daily Times] Comvita has reported an operating profit of $10.2 million for the six months ending September, an increase of $201,000 on the same period last year. It reported a profit of $3 million, up from a loss of $3.3 million last year. Revenue increased by around 53 percent to $91.1 million....

Comvita looks to secure fish oil supply

[28 September/ NZX AgriHQ] Comvita is to take a 19.9 percent stake in SeaDragon, helping the fish oil refiner to complete a new manufacturing facility in Nelson in return for a secure supply of fish oil. Comvita will participate in SeaDragon’s three-for-five renounceable rights offer, ensuring the issue crosses its minimum threshold to raise $5...

Comvita to move South Island packing north

[17 September/ Business Day: NZ Farmer] Comvita is to close its Pleasant Point’s honey factory but said its Hollands Honey brand will survive. Comvita is planning to shift the factory’s honey operations from its South Canterbury site to Paengaroa in the Bay of Plenty, next year. Comvita Chief Executive, Brett Hewlett said the Hollands Honey...

Comvita CEO stepping down

[23 July/ NZ Herald] Comvita Chief Executive, Brett Hewlett has announced he is to step down as chief executive of the company after a ten year tenure. Comvita Chairman, Neil Craig said the board is to review potential candidates, and has anticipated that an appointment will be made before the end of 2015. Mr Craig...