FY2 breast incarceration fee
Manuka Honey Producer Comvita warns that it can reserve “materials” impairment charges for fiscal year 2025, which ended at the end of this month.
In a transaction update issued today (June 16), the New Zealand-based business said it “assess the level of non-cash disruptions in assets and the level of offering to inventory.”
Excluding obstacles, Comvita said it expects to throw a net loss to NZ$20 million ($12.1 million) to its final result in August.
Comvita also flagged today that the previous 2024 pre-tax net loss is likely to be revised to NZ$85.8m, which initially reported $85.8m. Disability and other assets writing for that year remained at NZ$64.2M.
That same year, Comvita recorded a net bottom line loss of $77.4 million in NZ, compared to the previous year’s NZ $11 million.
Comvita today said, “We continue to operate in a challenging global environment, and ongoing market volatility will impact our revenue and margin realization.”
The company added that revenues are expected to “slightly decrease” from NZ $204.3M in 2024.
“Aggressive pricing and channel loading by competitors” is expected to reduce gross profits for the full year.
At the beginning of June, Comvita appointed Karl Gradon as new CEO. The company has not had a permanent CEO since David Banfield resigned last August.
Brett Hewlett, the chair of the time and formerly the CEO of Comvita. I took on that role of the acting chief executive.
Comvita said the business aims to reduce annual costs between $15-$20 million in NZ.
However, he added that the full-time staff was cut by 70 staff.
Comvita added that net debt was reduced from NZ$81.6 million at the end of last fiscal year, while potentially exposing it to the expected NZ$63M$63M for fiscal year 2025.
“The board determined that its debt position is sustainable and that additional measures are needed to work with investment banks and legal advisors accordingly to explore all options available to the company.”
“Comvita Warns Fees for FY25 FY25 ‘Materials’ Damage” was originally created and published Just fooda brand owned by GlobalData.
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