New Zealand-based honey producer Manuka Health has recorded a $20.9 million (NZ$24 million) impairment in the year to June, according to a financial report published by its Hong Kong-based owner, Guoco Group (GGL).
The company reported $81.4 million in revenue for 2025, in tandem with its German unit Neuseelandhaus GmbH. This figure represented a fall from $96.6 million in 2024.
GGL’s accounts also showed Manuka Health recording a $20.9 million impairment; it attributed $3.5 million of this to the brand and $17.4 million to goodwill.
“As a result of the assessment, an impairment loss on goodwill of $14.8 million has been recognised in Manuka Health New Zealand due to uncertainty in the future performance outlook, driven by multiple uncertainties including low-price competition and general economic environment,” GGL’s report said.
Gross profit fell by $8.9 million from 2024 to 2025, resulting in a net loss of $20.6 million. Manuka Health was profitable in 2024.
