Friday, 17 August 2018

Announcement

MKTUPDTE: CVT: Honey Season Update

30 Jan 2018 09:49NZX
Comvita (NZX: CVT) announced today that the 2018 honey season has been a
successful one so far with favourable weather conditions generally in
December and January, ensuring a positive start to the harvest.

Comvita CEO Scott Coulter said, "Although full visibility over the entire
2018 crop will not be available until April/May when we complete extraction
of honey from the hives, the honey season has progressed to a point where we
have early estimates of an average (or normal) harvest season."

"The Northland region and to a lesser degree, the upper-Waikato region
harvest, was negatively impacted by the wet and cool September to November
period and the recent severe storm in early January in the northern half of
the North Island.  This storm affected the Manuka flower production at a
critical part of the season in these regions."

"We expect the central North Island region to deliver a honey yield of an
average season.  Providing the above-normal temperatures continue for the
remainder of this summer, the Wairarapa, Whanganui, East Coast and Hawkes Bay
regions are expected to yield more honey than an average season."

"Overall this is a welcome return to generally favourable weather conditions
conducive to producing honey, compared to the extremely poor season in 2017,"
says Mr. Coulter.

Chairman Neil Craig says, as we referenced in our ASM Presentation in October
2017, "based on an assumption of a normal 2017/18 honey production season and
a solid recovery of the grey channel, we have confidence in a full year NPAT
of greater than $17.1m.  Given our apiary profit comes into the second half
of our financial year, we are very pleased with how our financial result for
the full year is ''tracking''."

On 23 February 2018, Comvita will release its detailed, unaudited results for
the six months ended 31 December 2017. On the back of strong sales growth in
most of our export markets and a solid recovery in the grey channel from New
Zealand and Australia into China, we expect to report a significant
turnaround on the FY17 half year loss and an improvement on our record $3m
NPAT for the FY16 half year.
End CA:00313543 For:CVT    Type:MKTUPDTE   Time:2018-01-30 09:49:07
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