Comvita Limited (NZX: CVT) Strong earnings improvement at Comvita

Thursday 26th August 2021

Comvita today released its full year audited results for the year ending 30th June 2021, reporting a full year EBITDA at the top end of its market guidance at $25.5M. This represents an increase of +511% versus the prior corresponding period (PCP) driven by strong performance in its focus growth markets, focus channels and categories, underpinned by $12.1M of benefits from its transformation programme over the last 18 months.

Reported net profit after tax was $9.5M versus a loss of $9.7M in the PCP as work to both focus and simplify the organisation delivered results.

Reported net debt was $4.6M vs $15.5M in PCP as Comvita continued to focus on good internal management of cashflows and working capital. Inventory reduced by $11.7M and SKU count by 30%.

Comvita is pleased to announce resumption of dividend payments and have declared a fully imputed dividend of 4 cps representing a payout of 30% of NPAT.

Please see the links below for details

Strong earnings improvement at Comvita

Financial Statements

Investor Presentation

Results announcement

Distribution notice

Source: Comvita Limited

Comments from our readers

No comments yet