Comvita Swings to NZ$7.7 Million Annual Profit on Honey Reset

New Zealand Manuka honey producer Comvita swung to a net profit after tax of NZ$7.7 million for fiscal 2026, rebounding from a NZ$104.8 million loss a year earlier.

Operating profit reached NZ$14 million for the twelve months ended June 30, reversing a NZ$29 million operating deficit booked during the previous financial year.

Margin Recovery and Cost Discipline

Gross profit climbed 38.8 per cent to NZ$114.8 million across the period. That performance expanded the group gross margin to 53.9 per cent as efficiency measures took hold across manufacturing and inventory handling.

The return to the black follows an intensive reset programme that targeted operational costs after heavy inventory impairments and market softness damaged earnings in fiscal 2025.

Asia Demand and Export Execution

Comvita built its business on premium functional food demand across Greater China, Southeast Asia and North America. Premium specialty honey brands in the region spent the past two years battling cautious consumer spending, cross-border channel resets and distributor destocking across East Asian department stores and cross-border platforms.

Market attention now turns to export volume trends in Asian retail channels over the first half of fiscal 2027 to verify whether the margin gains hold up in core consumer accounts.