- Release Date: 01/05/14 16:50
- Summary: FORECAST: CVT: Comvita Finishes Year Strongly
- Price Sensitive: No
- Download Document 3.3KB
CVT 01/05/2014 14:50 FORECAST REL: 1450 HRS Comvita Limited FORECAST: CVT: Comvita Finishes Year Strongly Global natural health products company Comvita (NZX: CVT) said today that it expects net profit after tax (NPAT) for the full year ended 31 March 2014 to be approximately $7.50m on sales of $115.3m. This compares to NPAT and sales in the prior year of $7.37m and $103.5m respectively. Earnings before interest, tax, depreciation and amortisation (EBITDA) is expected to be approximately $16.4m compared to $14.7m in the prior year. The results are based on unaudited management accounts. Second half earnings significantly stronger than first half For the full year Comvita had an 11% growth in net sales and 12% growth of EBITDA. For the second six month period alone, Comvita had sales growth in excess of 24% and growth in EBITDA of 54% over the comparable period of the prior 2013 financial year. Comvita CEO Brett Hewlett said, "As signalled to the market in October 2013, Comvita historically has a year of two profit halves. This effect has been amplified over the past two years due to shortages of our core raw material, Manuka honey during the first six month period. However, when unconstrained by raw material shortages, as happened, in the second six months, we clearly have growth momentum. The strategy of acquiring apiary businesses is working to alleviate these supply shortage pressures." Strong balance sheet is in place Net Debt as of 31st March is $26.5m million compared to $25.3m million at the same time last year. Comvita made a number of acquisitions to bolster Manuka honey sourcing as well as other capital investments in building infrastructure, systems development, plant and equipment. These investments were largely funded from operating cash flows and the $9m placement of shares in September 2013 to our strategic wound care partner, Derma Sciences Inc (NASDAQ: DSCI), at $3.90 per share. Full set of audited results announced on Friday 23rd May Comvita will release its audited results for the full year to March 31st on Friday 23 May, at which point we will provide a detailed update of progress in our key markets. This year's annual meeting is scheduled for Thursday 24 July. # Ends # For further information: Brett Hewlett, Comvita CEO, 021 740 160 Neil Craig, Comvita Chairman, 021 731 509 Julie Chadwick, Comvita Communications Manager, 021 510 693 Background information About Comvita (www.comvita.com) Comvita is an international natural health and beauty company committed to the development of innovative products, backed by credible scientific research. We are the global leader in Manuka (leptospermum) honey and fresh-picked Olive Leaf Extract, which are at the core of the Comvita product range. We have approx. 30% of honey supply under our ownership with the balance of supply from long term contractual and partnership arrangements. Comvita's Olive Leaf Extract is grown, harvested, extracted and bottled at the world's largest specialised olive leaf grove, with over 580,000 olive trees. Comvita sells into more than 18 countries through a network of wholesale and third-party outlets and online. We have offices in New Zealand, Australia, Hong Kong, Japan, Taiwan, South Korea and the United Kingdom. Download the Comvita Investor App: End CA:00250008 For:CVT Type:FORECAST Time:2014-05-01 14:50:22
- Forums
- NZX - By Stock
- CVT
- Ann: FORECAST: CVT: Comvita Finishes Year Strongl
Ann: FORECAST: CVT: Comvita Finishes Year Strongl
Featured News
Add CVT (NZSX) to my watchlist
|
|||||
Last
$1.15 |
Change
0.020(1.77%) |
Mkt cap ! n/a |
Open | High | Low | Value | Volume |
$1.12 | $1.16 | $1.12 | $42.23K | 36.78K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
0 | 2 | $1.19 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$1.20 | 453 | 0 |
Last trade - 10.34am 30/08/2024 (20 minute delay) ? |
Featured News
CVT (NZSX) Chart |
The Watchlist
1CG
ONE CLICK GROUP LIMITED
Mark Waller, MD
Mark Waller
MD
Previous Video
Next Video
SPONSORED BY The Market Online