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

Monday 11th October 2021

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.”

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Comvita reports strong Q1 earnings improvement

Source: Comvita Limited

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