Comvita has swung into the red as revenue declined due to challenging market conditions, and due to substantial non-cash impairment and one-off non-recurring costs.
The manuka honey brand’s net loss amounted to $77.4 million as revenue slid 12.7 per cent to $204.3 million in the last fiscal year.
Comvita saw weaker sales in China, North America, ANZ, and EMEA, but positive sales at its HoneyWorld outlets in Southeast Asia.
“Throughout FY24 we faced difficult trading conditions in our key markets along with aggressive price activity from competitors caused by industry overstocks,” said David Banfield, Comvita CEO.
“We already have action underway to target value consumers whilst continuing our brand premiumisation in key Asian markets.”
