Paengaroa health care company Comvita grew its total revenue by 26.4 per cent over the last 12 months, but will not be declaring a dividend, says company chairman Neil Craig.

Comvita closed the Cambridge factory and warehouse it operated as part of a core operations review during the year, which resulted in significant staff reductions.
'We regard our results as being credible in such a generally harsh economic environment,” says Neil.
The company reported a net operating surplus of $1.561 million for the 12 month period ending March 31.
The company's total revenue for the full year of $71.44 million, was an increase of 26.4 percent over the previous 12 month comparative period.
When including non-cash impairments and fair value movements of financial instruments, the net surplus after tax was $0.77 million.
Comvita's cash flows were sufficiently robust from profit and inventory reduction over the last few months to pay back $2.5m of bank borrowings in March 2009. It also expects to further reduce its debt over the next 12 months.
'Mindful of our desire to preserve cash in this tough economic environment, we will not be declaring a dividend at this time,” says Comvita chairman Neil Craig.
This position will be reviewed after the six months to September 2009 result. Comvita's profitability is more weighted to the second half of the financial year.
'In the face of a very uncertain world economic outlook we chose to spend significantly more in the marketplace than we otherwise would have to secure our position.”