Australian honey news and information — Comvita
Comvita horror show to end as NZ Manuka honey glut brings down more producers
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A staggering $NZ105million after tax loss for the latest financial year will see NZ’s leading manuka honey brand, Comvita, sold to a new owner.
News of the deal emerged late in August just a week before Comvita’s official annual results were announced to the New Zealand Stock Exchange (NZSX).
Comvita Manuka Honey a takeover target after poor 2024 first half profit result
Leading New Zealand manuka honey producer, Comvita, has become a potential takeover target following a slide into loss-making in the first half of financial year 2023-2024.
In its statement on its latest results to the NZ Stock Exchange, the company reported a net loss of $NZ3.2million.
The result came on the back of a dip in sales with total revenue for the half, down some 12%.
Lower sales in both China and the US were said to be mainly responsible.
Takeover speculation has been growing in the wake of the results, and especially since the company’s recent notification to the NZSX that it had received a ‘Non-binding indicative offer.”