Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Comvita Announces 2004 Profit


Comvita Announces 2004 Profit

NZAX-listed Comvita today announced after tax earnings of $1.26 million for the year to December 2004 and payment of a fully imputed dividend of 2.1 cents per share.

While this dividend is in line with projections included in the prospectus for the company's public offering in April last year, after tax profit is $0.32 million below the prospectus projection but ahead of the update provided to the market in November 2004.

Total revenue for the year was up 22% on last year to $27.6 million, and earnings before interest, tax, depreciation and amortisation was up 27% on last year to $3.64 million.

Comvita chairman Bill Bracks says while early sales of manuka honey impregnated wound dressings have been below expectations, the 2004 result was under-pinned by good growth in sales of consumer products.

"The medical industry is conservative and regulatory delays had meant sales of wound dressings were lower than projected. However, Comvita is now much closer to being able to profit from its manuka wound dressing technology," Bracks says.

"A pleasing aspect of the result is that underlying profitability grew faster than sales. Australia, Japan, Hong Kong and the UK markets experienced good growth and the ratio of export to local sales increased from 43% to 49% as a result.

"Comvita's strategy of having its own people in offshore markets rather than working through distributors is paying off. Japan hit profitability this year, Hong Kong hit new records and Australia traded strongly. The first Comvita store opened in Shenzhen, China in December and others will follow.

"Diversity in those markets provides a broad earning base and reduced reliance on the outbound tourism market which can be subject to unpredictable international events," Bracks says.

Sales from recent Bee and Herbal acquisition have contributed to growth in the first full year since it was acquired, with UK sales of Bee and Herbal products complementing an already solid market position.


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news