Full year guidance update
13 April 2021
Full year guidance update
Comvita (CVT) reports that following completion of its third quarter it now expects full year Operating
EBITDA
1
to be in a range of $22.5-$25.5M rather than the previously announced range of $20 - $23M.
The increase in range is caused by ongoing strong growth in its focus growth markets of China and
North America (offsetting ANZ and Hong Kong challenges), strong performance in the digital channel
now accounting for over 30% of group sales, continued efficiencies in production and good cost control.
Honey Harvest Update
Comvita is also pleased to advise that its new harvest model has proven successful in FY21. Despite this
year’s harvest being below average, the quality of the harvest and good control of costs has meant that
the harvest will deliver a small contribution to Group profits in this financial year.
Commenting, David Banfield Group CEO stated ”I am pleased to update the market on our ongoing
progress and transformation at Comvita. The new full year Operating EBITDA range shared today
highlights the high quality of work across the organisation in our focus growth markets, our production
and supply teams and our Apiary team. We are now totally focused on delivering within our revised full
year guidance range and preparing to start well in FY22.”
Ends.
Brett Hewlett David Banfield
Chair Group CEO
For further information contact:
Kelly Bennett, One Plus One Communications
Mobile: +64 21 380 035
Email: kelly.bennett@oneplusonegroup.co.nz
Background information
About Comvita (www.comvita.co.nz) Comvita (NZX:CVT) was founded in 1974 and is the pioneer and global
market leader of the Mānuka honey category. Comvita is committed to the long-term development of
Mānuka and Bee products backed by unrivalled scientific knowhow. Comvita recently announced its
sponsorship of the NZ pavilion at the World Expo in Dubai focusing on Kaitiakitanga (guardianship and
protection of the planet).
1
Operating EBITDA is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists
investors in assessing the performance of the core operations of our business.
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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