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Wednesday 14th September 2011 |
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Comvita, the manuka honey wound care manufacturer, says first-half profit will be the best in at least two years, and is pointing to an annual profit of as much as $8.2 million after last year’s slump.
The Te Puke-based company expects to post a profit of $2.1 million on $41 million of sales in the six months ended Sept. 30, beating the same performance in the past two years. That doesn’t include a US$1 million capital payment received this month from Derma Sciences Inc., that has the company on track for annual earnings of between $7.3 million and $8.2 million, with sales expected to be between $91 million and $95 million, it said.
The shares gained 4.5% to $1.85 and have climbed almost 20% this year.
“With export sales now in excess of 80% of total sales, Comvita remains committed to its global sales strategy,” it said in a statement. “We have continued to increase gross margins despite a competitive environment in all markets and a strong NZ dollar.”
The rebound comes after a weak 2010 financial year when Comvita reported annual earnings of just $500,000 on $82 million of sales as the cost of protecting its patents in the U.K. blew out.
(BusinessDesk)
BusinessDesk.co.nz
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