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Comvita Limited (NZX: CVT) Reports Strong Q1 Earnings Improvement

Monday 11th October 2021

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Comvita is pleased to report that EBITDA improved by 10.6% in the first quarter of FY22 versus the prior corresponding period (PCP). This was despite $4m of goods scheduled for delivery in September being impacted by Covid related shipping delays (will be invoiced in October). Including these delayed shipments, revenue was improved by 4.5%. This is especially encouraging given that we increased our brand investment by 50% in the same period. Full year operating EBITDA guidance is maintained at between $27M and $30M.

David Banfield, Group CEO, commenting said “This is a pleasing result given that we were up against a strong PCP performance and gives further evidence of underlying momentum in our business, despite continuing disruption to offline distribution and the supply chain to many markets. I am also pleased that our refined business model enables a material increase in investment in our brand that is critical to our long-term growth aspirations and allows us to share the amazing Comvita story to discerning consumers around the world.”

Please see the link below for details

Comvita reports strong Q1 earnings improvement

Source: Comvita Limited

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