Comvita's revenue rose to $234.2m in the year ended June. Photo: 123RF
Honey exporter Comvita has reported record full year revenue, with all market segments seeing double digit growth.
However, net profit was down as the company spent more on technology upgrades.
Key numbers for the year ended June compared with a year ago:
- Net profit $11.1m vs $12.8m
- Revenue $234.2m vs $209.9m
- Underlying profit $23.9m vs $20.1m
- Net debt $53.4m vs $25.5m
- Full year dividend 5.5 cents a share (unchanged)
"The Greater China segment was particularly impressive with revenue exceeding $100m for the first time and Comvita continuing to show market share growth," Comvita chief executive David Banfield said.
"In addition to delivering record revenue and earnings in line with our plan, we also completed the acquisition of HoneyWorld, became B Corp certified, reduced our carbon footprint, increased long-term investment in our brand and in our team and started work to map out our 2030 plan," he said.
Businesses with a B Corp Certification had to meet verified performance standards, including accountability and transparency on factors from employee benefits and charitable giving, to supply chain practices and input materials.
Comvita's costs rose with $2.9m to upgrade its enterprise resource planning software (ERP), which was expected to be completed by the end of this financial year.
It expected the upgraded system to materially increase organisational efficiency and accelerate performance as it automates manual tasks. It will invest a further $7m in the current year.
Banfield said Comvita expected to deliver an underlying profit around $50m in the year ended 2025, with an underlying profit of $3.5m in the 2024 year, including $7m of ERP costs.
