Comvita has revised its full-year revenue and earnings forecast due to weaker consumer sentiment in China, a customer change in the US, and a non-cash foreign exchange translation loss.
The company's revenue for the first half of the 2023-24 financial year is expected to be $103 million, down 8.1% compared to the same period last year.
Unaudited earnings before interest, tax, depreciation, and amortisation (EBITDA) for the first half are anticipated to be $9.5m, a 32% decrease year-on-year.
Comvita now expects its full-year revenue to be in the range of $225m to $235m, lower than the previous guidance of $245m to $255m.
The forecast for reported EBITDA after the ERP investment has also been adjusted to $30m to $35m, down from $33m to $38m.
The company's management remains committed to its strategic plan and believes the current performance is revenue-related and short-term.
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