Comvita price target raised at Craigs on Australian, Asian growth prospects

Fri, 13 May 2016

By Sophie Boot May 13 (BusinessDesk) - Comvita's price target has been ramped up by brokerage Craigs Investment Partners after the manuka honey company posted a 68 percent jump in full-year profit on surging demand in Australia and China. On Tuesday, the company reported net profit of $17.2 million for the 12 months to March 31, as Australian sales soared, overtaking New Zealand as the largest market. Revenue increased 32 percent to $202 million as Australian sales jumped 62 percent to $65 million, helped by third parties buying the compa...

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