Comvita (NZX:CVT) announces partnership with Caravan to extend its reach in North America

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Comvita (NZX:CVT) announces partnership with Caravan to extend its reach in North America

 Comvita (NZX:CVT) announces partnership with Caravan to extend its reach in North America
Image source: REDPIXEL.PL, Shutterstock.com

Highlights

  • Comvita announces strategic partnership with Caravan.
  • Growth targeted strategies being incorporated by the Company.
  • Dividend of 4cps announced by the Company in full-year results.

Comvita Limited (NZX:CVT) announced its partnership with Caravan on Monday. The partnership entails that the companies will work in collaboration with Creative Artists Agency (CAA), which is a sports and entertainment agency. The main aim of this partnership is to bring to light the properties of Manuka Honey along with Propolis, which will be created into a product for topical use.

About Comvita

Comvita is known to be one of the few brands that harnesses the goodness of natural Manuka Honey and uses it to create various products for healthcare. This NZX-listed Company was established in 1974, with clients across New Zealand as well as other parts of the world.

Image source: © 2021 Kalkine Media New Zealand Ltd

Image Description: Future plans for the Company

The CEO’s opinion

David Bansfield, the CEO of Comvita Group, was of the view that the Company was constantly on the lookout for ways to elaborate their global leadership as being one of the best suppliers for Manuka Honey. With the partnership made with Caravan, along with its potential celebrity reach and market, is bound to be helpful to the Company.

It was further added that the benefits of Manuka honey hadn’t yet completely been utilised by North America, and the new partnership could pave the way for the same in the months to come. Though further details for the same were said to be shared shortly as they are currently commercially sensitive in nature.

Full-Year Results

In its full-year results released recently, the Company recorded NZ$9.5-million NPAT, while EBITDA recorded was NZ$25.5 million. The Gross profit growth was recorded to be 730bps, having reached 53.9%. The Marketing investment in the Company witnessed a growth of NZ$8.7 million.

The Company had further added that its business transformation strategy was going as per plan and there was hope for major breakthroughs to occur in the near future. The Net debt for the Company saw a reduction of NZ410.9 million, making it NZ$4.6 million, while the inventory reduction witnessed was NZ$11.7 million.

The TRIFR saw a 9% reduction, while there was the declaration of a fully imputed dividend of 4 cps.

Bottom Line

The Company seems to be moving in the direction of growth and expansion through partnerships and strategic moves to enhance the awareness of Manuka Honey across geographies, which will eventually mean more business.

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