New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Comvita (CVT) reported a weak 1H24 trading and FY24 guidance update, driven primarily by softer consumer demand in China and the loss of a key contract in North America.</li><li>The revised FY24 EBITDA guidance range of NZ$30m to NZ$35m (down ~-8% at the midpoint on the last guidance range provided in November 2023) requires revenue declines to stabilise and cost out initiatives to be implemented in 2H24.</li><li>We remain cognisant that Chinese consumer demand may remain subdued in the near term, affecting revenue recovery in CVT's largest market. </li></ul>

Comvita (CVT) reported a weak 1H24 trading and FY24 guidance update, driven primarily by softer consumer demand in China and the loss of a key contract in North America.The revised FY24 EBITDA guidance range of NZ$30m to NZ$35m (down ~-8% at the midpoint on the last guidance range provided in November 2023) requires revenue declines to stabilise and cost out initiatives to be implemented in 2H24.We remain cognisant that Chinese consumer demand may remain subdued in the near term, affecting revenue recovery in CVT's largest market. 

Comvita Ltd

Comvita - Seeing Is Bee-Lieving