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Confident Mood At Comvita's AGM

April 26, 2005

Confident Mood At Comvita's AGM

Neil Craig, executive chairman of ABN Amro Craigs, was elected to the Board of Comvita at the company's AGM this weekend. He replaces existing director Bev Adlam. Serving director Jeff Williams was re-elected.

Board chairman Bill Bracks announced he will retire as chair on his 75th birthday in late September but will remain a director.

The AGM mood was confident with highlights being a presentation by Mr Chen Zhou, General Manager of Comvita's Chinese distributor, GP Enterprises.

Mr Zhou says Comvita is performing strongly in China, particularly in the duty free sector. Two Comvita stores have opened in Shenzhen with further dedicated Comvita stores planned for six Chinese cities.

The president of GP Enterprises Mr G.P. Zhu also came from China to be at the AGM.

Chairman Bill Bracks says there was a large turnout of shareholders.

"I had shareholders coming up to me saying how excited they were by the many areas of growth happening in offshore markets and the general feeling of 'go-forward'. It was gratifying given the hard work that has gone on over the year."

CEO Graeme Boyd told the meeting the year had been characterised by solid growth across all markets. Compound revenue growth over the last five years continues to exceed 20 percent. Compound average growth offshore over the same five year period has been 45 percent.

"Overall exports grew 44 percent in 2004. Australian sales increased 33 percent, and Comvita Japan returned a profit after just three years of trading. Hong Kong was strongest with 70 percent growth.

He says the introduction of the new medical honey dressing products shows New Zealand companies can develop innovative technologies of global interest in the biotech field.


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