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Comvita rules out capital raise to reduce elevated debt

The honey and wellness company posted a poor result but will ‘leave no stone unturned’ to return to growth.

Comvita commits to debt reduction.

Kate McVicar Wed, 21 Feb 2024
Key points
  • Revenue: Down 7.8% to $103m
  • Profit: Net loss of $3.2m, down 177% 
  • Main takeaway: Lowering net debt and inventory will be key for Comvita moving into the second half of its fiscal year. 

Comvita has ruled out a capital raise to reduce its debt in favour of organic methods.

The question was posed on its investor call following the release of its interim results for the six months ended December 31, 2023.

Comvita chief executive David Banfield said he was “absolutely committed” to

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Kate McVicar Wed, 21 Feb 2024
Contact the Writer: kate@nbr.co.nz
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Key points
  • Revenue: Down 7.8% to $103m
  • Profit: Net loss of $3.2m, down 177% 
  • Main takeaway: Lowering net debt and inventory will be key for Comvita moving into the second half of its fiscal year. 
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Comvita rules out capital raise to reduce elevated debt
Investment,
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true