Ann: FORECAST: CVT: Comvita forecast full year earnings to rise more than 35%

• Release Date: 23/07/15 14:18
• Summary: FORECAST: CVT: Comvita forecast full year earnings to rise more than 35%
• Price Sensitive: No
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					CVT
23/07/2015 14:18
FORECAST
PRICE SENSITIVE
REL: 1418 HRS Comvita Limited

FORECAST: CVT: Comvita forecast full year earnings to rise more than 35%

Comvita Chairman Neil Craig announced today at the company's 2015 Annual
Shareholders Meeting, a revised guidance on future earnings to the end of
March 2016, signaling an expected increase in net earnings in excess of 35%
over 2015, and sales in excess of $180 million.

Mr. Craig says today's revised forecast announcement is a strong endorsement
of the company's growth strategy and high value adding business model, which
is expected to drive the company towards $400 million in sales by 2020. "The
current financial year has started well supported by larger than normal raw
material inventory levels, very strong demand from the market and an active
process of optimising returns from individual markets and product ranges. We
believe we will beat the percentage uplift in earnings that we delivered
during the last fiscal year, and growth in earnings will again outpace growth
in revenue."  An update to this guidance will be provided at the company's
six months result announcement in November 2015.

Mr. Craig also advised shareholders that CEO, Brett Hewlett, will step down
from the helm of the global natural health products company effective 31
March, 2016.

Hewlett says the timing is right for the transition. "Today, Comvita is a
world class natural health products company. Our vertically integrated high
value-add business model is unique within the New Zealand primary industry
sector. Management and the Board are very satisfied that the objectives that
we set for the business almost ten years ago around the establishment of the
business growth model, vertical integration and supply chain development have
been met. The company is in a strong position with a clear strategy in place
and a highly competent senior management team that will continue to deliver
results for shareholders, building on our record 2015 earnings result."

Mr. Craig confirmed Brett's decision has been discussed openly with the Board
for some time and they have a comprehensive transition plan in place. "Brett
has built a strong leadership team and has given us plenty of time to plan an
orderly transition to a new leader. The Board will conduct a process to
review potential candidates, including internal candidates from the strong
senior bench of Comvita, and anticipates announcing an appointment before the
end of 2015."

"We are also pleased to advise that while Brett is exiting the role of CEO,
he will be invited to join the Board within 12 months of his departure to
contribute to Comvita's growth journey at the Board level," says Mr. Craig.

# Ends #

For further information:
Neil Craig, Comvita Chairman, +64 21 731 509
Brett Hewlett, Comvita CEO, +64 21 740 160
Julie Chadwick, Comvita Communications Manager, +64 21 510 693

Background information
About Comvita (www.comvita.com)
Comvita (NZX:CVT) is a global natural health company committed to the
development of innovative products, backed by ongoing investment in
scientific research. We are the world leaders in Manuka (leptospermum) honey
and fresh-picked Olive Leaf Extract, which are at the core of the Comvita
product range.

We have approximately 50% of honey supply under direct ownership or control,
with the balance of supply from long term contractual and partnership
arrangements. Comvita pioneered the development and use of medical grade
Manuka honey and was the first to receive FDA approval (2007). We partner
with US wound care company Derma Sciences, Inc. (NASDAQ:DSCI), the global
licensee for Medihoney(R) specialist wound care products, which are used in
hospitals and medical centres around the world. Comvita's freshly picked
Olive Leaf Extract is grown, harvested, extracted and bottled at the world's
largest specialised olive leaf grove, with over one million olive trees.

Comvita sells into more than 18 countries through a network of our own
branded retail locations, online (seven country specific e-commerce websites)
and third-party outlets. We have over 500 staff located in New Zealand,
Australia, Hong Kong, Japan, Taiwan, South Korea, the United Kingdom and the
USA.
End CA:00267359 For:CVT    Type:FORECAST   Time:2015-07-23 14:18:55