Comvita sales near $100m

Sales for Paengaroa-based company Comvita are nearing $100 million, according to figures in its latest report to the New Zealand Stock Exchange.
In the year to the end of March 2010, the company earned $85 million in global sales.

Comvita, a health products company, also reported an earnings-before-tax profit of $11 million in the year ending March 31, 2010.
This is nearly double the $6.1 million profit the company earned the previous year.
The company's CEO, Brett Hewlett, says Comvita's net profit for the past year was $4.9 million, up from $1.8 million in the previous year.
Brett says the figures are a positive outcome, given the global recession and the high New Zealand dollar.
'There's no shortage of opportunity to grow in the future.”
He contributes the increased profits partially to sales growth but also improved operational efficiencies and debt reduction.
The company has renewed its focus on the Australian and New Zealand markets.
Comvita is expanding into other markets including Hong Kong, Taiwan and China but is finding the UK market challenging.
'Competition is quite strong in the UK. The British pound is very weak against the New Zealand dollar.
'We are a lot more established in Asia. We have a strong presence there that we have built up over 18 years.”

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