News Release
11 March 2004

Manuka Holds The Secret to Healthy Skin

Honey contains an enzyme that produces hydrogen peroxide – a proven antiseptic with antibacterial properties. Research at Waikato University has also identified an exceptional antibacterial property called UMF® – unique manuka factor – which is only present in some manuka honey produced in New Zealand.

Comvita has been involved in honey products for nearly three decades and in 2001 launched Woundcare 18+™, a 100% manuka honey product now being used by hospitals in New Zealand and the UK. With the launch of its therapeutic skincare range, Comvita is responding to consumer demand for natural skincare products.

The Skincare creams have been carefully formulated to combine the unique antibacterial qualities of UMF® 18+ Active Manuka Honey with other natural skincare ingredients.

Comvita’s Natural Health Consultant, Dr Caroline Davy recommends a combined approach to problem skin., “The Comvita Skincare range includes oral supplements to complement and support the Skincare creams with healing from within,” she says.

Skintensive™ Cream has an antibacterial action and helps to improve cosmetic results whilst Skinside Out™ Capsules assist in strengthening, balancing and protecting the body, helping to promote healthy skin.

Skinside Out™Capsules combine the herbs Burdock, Milk Thistle and Ashwagandha, with vitamins A, C and E and the important mineral, zinc. Complement with Skinclear™ Cream to actively support the skin’s own defence mechanisms and help keep the skin clear and healthy.

Those who suffer with problem lips can take a combined approach with Comvita Lipclear™ Cream supported by Lipclear™ Tablets. Both products include Bee Propolis and the amino acid L-lysine.”

Woundcare 18+™ is also available as part of the range in a convenient 25g tube to assist the natural healing of an extensive range of minor wounds. This 100% UMF® 18+ Active Manuka Honey keeps wounds moist, helps to promote healing and reduce scarring.

Comvita CEO Graeme Boyd says the company has had the ability to produce such a range for some time now. “New Zealanders are increasingly interested in natural healthcare products, so it makes sense to utilise our existing expertise in this area.”

“Honey has been used for centuries in the treatment of minor wounds and burns, and is highly regarded in Western herbal medicine. It’s good to see science supporting the use of honey for healing,” says Boyd.

ENDS

For further information:
Graeme Boyd, Comvita 07 533 1426

For media information and photograhs:
Sharon Butler-Morris, 07 571 4203 or 021 509 905

News Release
February 27, 2004

Comvita Announces Public Offering

NZAX listed natural health products company, Comvita Limited, today announced an up-coming subsequent public offering of $7.5 million.

Comvita chairman Bill Bracks, says the offer will give the company working capital and the balance sheet strength to develop warehouse and other facilities, develop its medical honey business and consider further acquisitions.

“While the interests of existing holders will be looked after via a priority pool, the offer will also be used to broaden the company’s shareholder base to at least the 500 minimum requirement for NZSX listed companies,” says Bracks. “Comvita currently has a shareholder base of 220.”

The offer, which is being managed by ABN AMRO Craigs, is expected to be carried out in April. An investment statement relating to the offer is expected to be announced next month.

END

News Release
February 27, 2004

Another Sweet Result For Comvita

Comvita Limited has reported a 60 per cent increase in after tax profit for the year ended December 31, 2003 and a final dividend of two cents per share for its shareholders.

The fully imputed final dividend payment of 2cps brings the total dividend for 2003 to 4.19 cps. Earnings per share at 12.5 cps were 23 per cent up on the previous 12-month period. 

Comvita chairman Bill Bracks, who was awarded a New Zealand Order of Merit for services to industry in the New Year honours list, says 2003 was a tumultuous year characterised by a number of major events ranging from the SARS epidemic to the successful acquisition of Bee & Herbal Limited and Apimed Medical Honey Limited.

“Despite this, Comvita still delivered a profit of $1.146 million in line with expectations,” he says.

Bracks says the largest honey crop in New Zealand’s history, successful management of Varroa mite, huge exchange rate fluctuations, the introduction of new sophisticated management practices for the production of medical honey plus launching on the AX have underscored the company’s ability to cope with the highs and lows of a changing environment without losing focus and still bring in a successful result.

“The Comvita Group 2003 gross revenues grew by 21.5 per cent with NPAT growing by a comfortable 60.5 per cent and dividend growth 16.7 per cent,” Bracks adds.

“Export markets in Europe, Hong Kong and Japan have performed well in spite of very high retail manuka honey prices flowing from supply shortfalls in 2002.  Given the operating environment this is a very satisfactory outcome with a sound base for further growth evolving from the Apimed purchase and development of wound dressings made with medical grade manuka honey.”

Bracks concludes while product development remains an important driver of growth, Comvita’s principal growth strategy is to shift from being an exporter to an international marketer of natural health products and health solutions. 

“To this end we have recruited a top line senior and middle management team with the experience and vision necessary to achieve this goal.”

END

For further information contact: Bill Bracks 021-386-974
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