INVESTOR
INVESTOR CENTRE
Browse our investor centre for information on market announcements, results & reporting.
Pacific/Auckland
INVESTOR CENTRE
Click HERE to see our FY23 Annual Report
“I am absolutely delighted with the progress we are making in so many areas. In particular, to deliver record revenue of $234M, double digit growth in all market segments and an operating profit growth of 18.7%, despite material impacts outside our direct control, gives me real confidence in our future prospects.
We remain on track to deliver our 2025 plan of c$50M EBITDA (20%).”
Resilient in the face of a tough year
Many of the goals we set for ourselves back in 2020 are ticked off – in particular, the crucial middle stage of our transformation programme.
This year, revenue growth was strong and earnings were in line with our guidance and our plan. Net debt reduced in our second half, and we delivered positive operating cashflow for the year. In fact, our second half cashflow was $29M. We are excited to be undertaking clinical trials on Mānuka honey for gut health and see this as an important stage for the company.
To read more, click HERE (see page 10.)
Geographic top-line summary
Strong business performance in our key growth market of China was matched by the continuing rise of our ecommerce channel. It’s been exciting to watch our customers embrace Comvita as a premium natural health and wellness brand, enabling us to carefully target range expansion and product premiumisation and grow market share as a result.
To read more, click HERE (see page 32.)
Sustainability, ESG, TFCD
Comvita is driven by a profound purpose: working in harmony with bees and nature in Aotearoa New Zealand to heal and protect the world. Our Harmony Plan is both a roadmap and a commitment to perpetuate positive impact for people, bees and planet. For us, it captures our determination to leave the world in a better place. We were delighted to receive B Corp certification this year, confirming Comvita as a purpose-driven organisation committed to the highest standards of transparency and accountability for social and environmental impact. At the same time, we have continued to invest in our forest strategy and to push towards our goal of being carbon neutral by 2025 and net positive by 2030.
To read more, click HERE (see page 52.)
Comvita (NZX:CVT) was founded in 1974, with a purpose to heal and protect the world through the natural power of the hive. With a team of 600+ people globally, united with more than 1.6 billion bees, we are the global market leader in Mānuka honey and bee consumer goods. Seeking to understand, but never to alter, we test and verify all our bee-product ingredients are of the highest quality in our own government-recognised and accredited laboratory. We are growing industry scientific knowledge on bee welfare, Mānuka trees and the many benefits of Mānuka honey and propolis. We have pledged to be carbon neutral by 2025 and carbon positive by 2030, and we are planting 1-2million native trees every year. Comvita has operations in Australia, China, North America, South East Asia, and Europe – and of course, Aotearoa New Zealand, where our bees are thriving.
Hover over the graph below to see our latest share price (updated daily)
For further information visit NZX.COM
October, 2023
October, 2023
September, 2023
August, 2023
August, 2023
August, 2023
July, 2023
June, 2023
June, 2023
May, 2023
May, 2023
March, 2023
January, 2023
November, 2022
September, 2022
June, 2022
May, 2022
November, 2021
October, 2021
September, 2021
August, 2021
June, 2021
April, 2021
March, 2021
December, 2020
November, 2020
October, 2020
September, 2020
August, 2020
July, 2020
June, 2020
April, 2020
March, 2020
February, 2020
January, 2020
December, 2019
October, 2019
September, 2019
August, 2019
July, 2019
May, 2019
April, 2019
February, 2019
December, 2018
November, 2018
October, 2018
September, 2018
August, 2018
July, 2018
June, 2018
May, 2018
February, 2018
Brett is a professional director and consultant. He is a Non-Executive Director and Chair of Comvita Ltd (NZX:CVT), and an Independent Director of Quayside Holdings Ltd. (ending 31 October 2023). From 2005-2015 Brett was the Chief Executive Officer of Comvita. Prior to Comvita, he held a number of senior roles with global packaging firm Tetra Pak. Other former Governance and Advisory board roles include Chair of Bluelab Holdings Ltd., Chair of Priority One, Derma Sciences Inc. (DSCI:Nasdaq), SeaDragon (SEA:NZX), Enterprise Angels, NZTE’s Better by Design Advisory Board and Member of the Callaghan Innovation Stakeholder Advisory Group. Brett has a Bachelor of Food Technology from Massey University, and a Masters of Business Administration from the International Institute for Management Development, Switzerland. He has also completed advanced management programmes at Stanford University and the Massachusetts Institute of Technology’s Sloan School of Management. Brett is a Member of the Institute of Directors. He joined the Comvita board in May 2017 and is a member of both the Safety and Performance Committee and the Audit and Risk Committee.
Mr. Zhu Guangping established Shenzhen Comvita Natural Food Co. Ltd in 2004, which introduced the Comvita brand into the China market and set up the first franchised store of Comvita. Shenzhen Comvita Natural Food Co. Ltd was Comvita’s exclusive distributor in China for 12 years prior to selling 51% to Comvita in 2017. Comvita acquired the balance of 49% in July 2019. In addition to Comvita business, Mr. Zhu owns and operates businesses in manufacturing, real estate and retail. He has extensive experience in business management, strategy, investment and luxury goods industries. He has held directorship and chairmanship positions in a number of public and private companies in China and Hong Kong. Mr Zhu holds an EMBA from CKGSB. He joined the Comvita board in October 2019.
Ms Wu joined China Resources in April 2012 as Business Director of Strategy Department of China Resources (Holdings) Limited, and she joined China Resources Enterprise (CRE) as head of Asset Management Division in July 2021. Ms Wu also works as CEO of China Resources Verlinvest Health Investment Co, Ltd since 2019. Ms Wu previously leads international M&A transactions and post-investment management at CR group level, and she has over ten-years’ experience in investment, strategic planning and management with industries across consumer goods, healthcare and real estate. Ms Wu is currently a member of the board of directors and a member of a few board sub-committees of companies including Oatly Group AB (OTLY.US), Genesis Care Pty Limited, and a number of domestic companies that CR group has invested in mainland China. Ms Wu holds a Master of Science degree in International Business from University of Nottingham in the United Kingdom. Yawen joined the Comvita Board on 13 September 2021.
Bridget Coates is Chair of Toitū Tahua: Centre for Sustainable Finance, Chair of Fonterra’s Sustainability Advisory Panel to the Board and Chair of Koi Tu (a think tank, based at the University of Auckland). She is also Chairperson of the Real Estate Institute of New Zealand, Director of Yealands Wine Group, Director of Northern Rescue Helicopter Ltd. and Director and Trustee of Mindful Money, a charity with a focus on encouraging responsible investment. She has been a Governor of the NZ Superannuation Fund and a Director of the Reserve Bank of New Zealand. Bridget has also been a Director of public companies, Sky City Limited and Fisher & Paykel Appliances Holdings Limited, and a Director of Tegel Group Holdings Ltd. She was formerly CEO of Carter Holt Harvey Plastic Products and Director of Research for CS First Boston NZ Ltd as well as being a Member of the University of Auckland Council. Bridget joined the Comvita Board as an Independent Director on 1 October 2021 and is a member of the Safety & Performance Committee.
Bob Major spent the majority of his career in various roles within the New Zealand dairy industry, working for Fonterra, the New Zealand Dairy Board & the New Zealand Dairy Research Institute. He has held global leadership roles for Fonterra in strategy, mergers & acquisitions, ingredients sales & marketing & innovation. He has held regional leadership roles in the Middle East, Hong Kong & China, & was on the senior leadership team of both the New Zealand Dairy Board & Fonterra. Bob is Chairman of Gibbs Holdings (Nelson) Ltd & a director of BioVittoria & Miro Berries. He Chairs High Value Nutrition, one of the National Science Challenges, the Avocado Primary Growth Partnership & is a member of the Oriens Capital Investment Committee. Bob is a past Chair of The Mud House Wine Group & has been a director of Westland Milk Products, Sealord Group, Kiwirail & Barker Fruit Processors. Bob is a Chartered Fellow of the New Zealand Institute of Directors & joined the Comvita Board in September 2019 and is Chair of the Safety and Performance Committee.
Julia is a professional independent director. She is Chair of Port of Tauranga Limited, Director and Chair of the Audit & Risk Committees of Auckland International Airport Limited and Meridian Energy Limited, and a member of the Chapter Zero New Zealand Steering Committee. Julia is also the immediate past Chair and President of the Institute of Directors. Julia was a partner at PwC for 20 years and is a Fellow of the Institute of Chartered Accountants and a Chartered Fellow of the Institute of Directors. Julia joined the Comvita Board in March 2023 and is Chair of the Audit & Risk Committee.
Mike is a professional independent Director. He is Director and Chair of Audit & Risk Committees for Orion NZ, BRANZ and Government Super Fund. Mike has over 20 years’ experience with a finance background and a career in a variety of sectors including roles as CEO of Ngai Tahu Holdings and CFO of PGG Wrightson. Mike is a Chartered Member of the IOD and a Chartered Accountant with CAANZ. He joined the Comvita Board in October 2023 and is a member of the Audit & Risk Committee.
David joined Comvita in January 2020 as Chief Executive Officer and led a significant transformation in his first 20 months with the company. He is an entrepreneurial International Managing Director/CEO with significant experience leading both private and public sector business with revenues up to €300 Million. First-hand experience in Acquisition, eCommerce, Direct to Consumer, Global Retail (Brand and Private label), B2B, B2C Manufacturing and Supply Chain across four continents. Results delivered through deep cultural understanding and motivation and development of multicultural International teams. David joined the Board as Managing Director on 13 September 2021.
With a wealth of experience leading both private and public sector businesses that span five continents, David joined Comvita as Chief Executive Officer in January 2020. He led a significant turnaround of the company performance and delivered record revenue and the second-highest earnings in Comvita's history within 30 months, amidst the global Covid pandemic. An entrepreneurial International Managing Director and CEO, David was born in the UK where he developed a successful career in retail initially before moving to International FMCG industry. David moved to New Zealand in 2014 due to being offered the opportunity to lead a turnaround in performance of NZX listed Methven. David has an in-depth understanding of the world’s biggest consumer markets and delivers results through deep cultural understanding and motivation and development of multicultural International teams. He has helped lead important ESG initiatives for Comvita and championed the Harmony Plan - outlining a commitment to delivering broad social and sustainability goals.
Nigel has had extensive experience in finance having held senior executive finance roles with various New Zealand companies. Prior to joining Comvita, Nigel held CFO roles with Synlait Milk Ltd, Crane Distribution NZ Ltd, Gough Group Ltd and Lyttelton Port Company Ltd. A Fellow of the New Zealand Institute of Chartered Accountants and a member of the Institute of Directors, Nigel has a Bachelor of Commerce (majoring in accounting) and has completed the General Manager Programme at the University of Michigan. He was also a finalist of the Deloitte CFO of the year in 2018. Nigel joined Comvita in September 2020 as Chief Financial Officer responsible for ensuring sound financial decision-making that aligns with Comvita's strategy, profitability, sustainability and overall growth, while also enhancing investor confidence and driving operational efficiency.
Andy is an inspiring leader with an intrapreneurial spirit and over two decades of resounding cross-cultural achievements in both global and local "glocal" environments, spanning the retail, consulting, premium manufacturing, and consumer goods industries. Notable career highlights include driving approximately $200 million in annual savings through enhanced organization efficiency, successfully orchestrating the integration of a $1.5 billion M&A deal in the Chinese market, restructuring an $800 million family business for a successful public listing in Hong Kong, and establishing a highly profitable Asia market within a mere two years for a New Zealand-based company. Since joining Comvita in June 2020, Andy has orchestrated a remarkable transformation in the business performance across the APAC region. He continues to fortify the team and overall operations to drive success towards the company's 2030 ambition and beyond, setting a strong foundation for the next 50 years of Comvita's growth.
Holly has built an international career in private sector branded FMCG businesses, travel retail and corporate investment banking. The majority of her roles have been in general management, digital and e-commerce, HR, sustainability, and strategy. Holly was the General Manager for Greater China for Zespri, living in Shanghai from 2015 - 2019. Responsible for a team of 70 people, and a P&L of NZD700M, it was there she developed a love for China and Asia as a whole, and a passion for leading transformational business change at pace. Holly joined Comvita in August 2019. Initially appointed as Chief Corporate Services Officer, her portfolio was subsequently expanded to include development of the Comvita Harmony Plan and broader sustainability strategy, helping to accelerate Comvita’s aspirations to put our purpose into action. In 2022, Holly was appointed Chief Digital Officer, where she is able to leverage her commercial expertise to scale Comvita’s world class digital platforms to extend our competitive advantage through consumer intimacy, insight and speed.
Adrian Barr joined Comvita in March 2020 as Acting Chief Financial Officer. Bringing extensive experience in both financial and commercial environments to the business, Adrian was retained by Comvita to lead a strategic review of Comvita’s Supply Chain and Financial Planning functions. Prior to Comvita, Adrian held significant roles as Chief Operating Officer for The True Honey Co and Chief Executive Officer for Simply Squeezed from 2009 to 2014. With over 13 years of distinguished service at Mainland Products Limited, Adrian possesses invaluable expertise in mergers and acquisitions (M&A), capital management, corporate finance, and infrastructure export development. Adrian has made remarkable contributions to date including the 2020 Capital raise, completing the 2020 annual accounts, and streamlining strategic assets and investments. As Comvita's Chief Business Development Officer (CBDO) from 2021, he has opened new markets within EMEA and played a pivotal role in strategic M&A activity, solidifying Comvita's position as a leading force in the industry.
Dr Jackie Evans joined Comvita in 2017 and has over 20 years of experience leading international Science and Research programs within the Pharmaceutical and Natural Health industry sectors. As Comvita's Chief Science Officer, Jackie is dedicated to both science and quality, with a deep passion for advancing scientific knowledge surrounding the health benefits of Mānuka Honey and other natural products. Before joining Comvita, Jackie held senior clinical research positions at pharmaceutical companies GlaxoSmithKline and Amgen in the United Kingdom, where she managed global clinical trial programs for HIV and cancer medicines. More recently, she held senior positions at PHARMAC, the New Zealand Government's Medicines Funding Agency, critically appraising the science behind medicines and negotiating multimillion-dollar funding contracts with International Pharmaceutical companies. Jackie holds a BSc (Hons) in Microbiology from the University of Reading, UK, and a PhD in Virology and Immunology from University College London, UK.
Tracy joined the Comvita leadership team in June 2020 as Chief Operations Officer and oversees Comvita's vertically integrated Supply Chain. This includes Manuka Forest development/ management, Apiary, manufacturing, export and shipping, and in-market delivery. With a background in Finance and Supply Chain and over 20 years of experience in companies with a global footprint, Tracy brings a robust skillset in strategy, commercial management, supply chain leadership, and Sales & Operations Planning (S&OP). Driven by results, Tracy understands the importance of the right capabilities and team culture in achieving continuous improvement, enhanced performance, and successful target delivery. She is dedicated to developing high-performing, empowered teams and leaders. Strategically minded and attentive to detail, Tracy's focus as COO is to ensure Comvita's ongoing growth as a premium FMCG lifestyle brand is supported and optimised by an operating model that focuses on customer and execution excellence which is scalable and sustainable for the long term.
Kirsty joined the Comvita leadership team in September 2022. As the Chief Purpose and Transformation Officer, Kirsty has a remit spanning People, Health and Safety and Sustainability. Passionate about cultivating thriving workplaces, Kirsty brings over two decades of expertise in business transformation and fostering cultural shifts. With a strong background in large-scale systems change, she possesses a diverse toolkit encompassing lean, six sigma, and agile methodologies. Her extensive knowledge of people, safety, and wellbeing spans multiple industries worldwide, including FMCG, consumer goods, aerospace, chemicals, and primary sectors. Driven by curiosity and an avid learner, Kirsty holds a Bachelor of Business degree with a double major in International Business and Management. She is currently pursuing a master's in technological futures, staying at the forefront of innovation and progress. Kirsty's unwavering purpose is embodied in our Harmony plan, which positions Comvita as a force for good, driving extraordinary achievements through performance. Balancing the interests of all stakeholders and connecting the organisation to its purpose of working in harmony with bees and nature to heal and protect the world.
Chris France joined Comvita in May 2022 as a seasoned executive manager with 40 years' experience in business and a background in delivering positive change by leveraging information systems. His extensive career spans diverse sectors, including manufacturing, food, insurance, distribution, health, and transport. A visionary leader, Chris excels in building and leading high-performing teams. His expertise lies in crafting robust information systems strategies, meticulous planning, and conducting thorough risk analysis and mitigation. Before joining Comvita, Chris spent 7 successful years at Synlait Milk as the Director of Strategy and Business Transformation. Under his guidance, the organisation experienced exponential growth, quadrupling in size during his tenure. Currently, at Comvita, Chris is spearheading a significant transformation project that directly supports Comvita’s strategic growth plans. The goal of this project is to deliver modernised, scalable, and automated information systems, all backed by a comprehensive end-to-end process reengineering to further position the company for even greater success in the future.
