Comvita announces full year result guidance
Thursday, 29 April 2010


Comvita Limited (“CVT”) wishes to provide profit guidance for the year ending 31 March 2010, as follows:

The net profit after tax is expected to be approximately $4.9m on sales of approximately $85m. This compares with a net profit after tax of $0.8m and sales of $71.4m in the previous financial year

EBITDAF (earnings before interest, tax, depreciation, amortisation, impairments and fair value movements of financial instruments) is expected to be approximately $11m (2009 $6.1m).

The significant improvement in earnings is a result of a continuing strong trend in sales growth and ongoing improvements in overall operating efficiencies.

Net borrowings at 31 March 2010 are $11.6m which compares to $30.3m at 31 March 2009. This reduction in borrowings is the result of a progressive reduction in inventory, the sale of global licensing rights of Medihoney to Derma Sciences in February 2010 and the improved operating performance.

These 2010 figures are un-audited. This guidance is subject to final tax calculations and any unforeseen circumstances that may arise from the audit process.

We expect the audited result and a full commentary to be provided to the market on 21 May 2010.

End.