New Zealand's largest Mānuka honey exporter, Comvita, has reported record revenue of $209 million for the year to June.
Photo: 123rf
The company's net profit after tax was $12.8 million a 35 percent lift on last year while its' operating profit is up 65 percent to $20.1 million.
Key numbers for the 12 months ended June compared to a year ago:
- Net profit $12.8m vs $ 9.5m
- Revenue $209m vs $191.7m
- Operating profit $20.1m vs $12.2m
Comvita chief executive David Banfield said the great results are due to strong growth in all but one market.
"North America posted another strong result in the worlds biggest Monofloral Mānuka honey market with revenue increased by 29 percent.
"Covid lockdowns had a big impact on sales in China, sales in store were down 46 percent but overall revenue in China grew by 9 percent."
Japan is the only country not seeing increased sales, something Comvita wants to work on he said.
Banfield said the company is seeing double digit growth in all honey types not just Manuka something that has been helped by the pandemic.
"In the eastern part of the world people have used honey as medicine for thousands of years and and so consequently, when, when consumers want products that are natural and healthy, then they typically turn to us and we are seeing that emerging in the western market as well.
"We've also been better at telling our founding story so we've invested heavily in marketing which is paying off," he said.
Banfield said the great results were a testament to the hard work Comvita staff had done over the past 12 months.
"It hasn't been easy, freight has been a major issue for us, some product has been sitting in ports for over a month before we can get it into market so that has been frustrating but our team has been working overtime to make sure we are in front of the customers.
Comvita will pay a dividend of 5.5 cents per share.