Mānuka honey company Comvita has reported record revenue of $234 million in the financial year ended June 30, including more than $100m from China for the first time.
Sales income rose by 12% and net profit after tax was up 2.8% to $13.1m.
Comvita will pay a fully imputed final dividend of 3c a share, in addition to 2.5c interim earlier in the year.
Sales through ecommerce accounted for 42% of the total, up 19% on the previous year.
Comvita chair Brett Hewlett said the record revenue performance was achieved despite material disruption including covid reopening delays in China and terrible weather during summer for the apiary division.
The apiary division broke even despite the major loss of honey extraction along the east coast from Cyclone Gabrielle.
The listed company’s share price is currently $3.30, steady on its position 12 months ago, and there was no change following the results release.
Equities analyst Christian Bell, of Jarden, said the results were confirmation of the company’s path of transformation and he nominated a target price of $4.65 with a buy recommendation.
