Comvita says business trading modestly ahead of budget in 1Q

Comvita has reported a positive start to the 2026 financial year, with the business trading modestly ahead of budget in the first quarter.

Revenue for the quarter reached $45.6 million, exceeding both the budget of $43.8m and the prior year figure of $42.3m.

This was driven by stronger-than-expected performance in China and the Rest of Asia, although it was partly offset by softer results in North America and Australia and New Zealand.

The uplift reflects normal quarterly fluctuations rather than material changes in trading conditions, Comvita said. 

Comvita's ebit (earnings before interest and tax) for the first quarter was $700,000, compared to a budgeted loss of $1.7m and a loss of $2.8m in the same period last year. Approximately $1.3m of this budget variance relates to the timing of expenditure (primarily the timing of marketing campaigns) and approximately $0.9m related to one-off items (primarily FX gains). 

'Normalised for these factors, ebit for 1Q is broadly in line with budget," it said. 

The company's full-year earnings outlook for FY26 remains unchanged at $13.5m.

"This outlook remains dependent on trading execution and prevailing market conditions throughout the remainder of the financial year. It is important to note that Comvita’s earnings are weighted toward the remaining quarters, with major sales events - including Singles’ Day and Christmas in Q2 and Chinese New Year in 3Q- representing a substantial share of annual earnings," Comvita said. 

Comvita's net debt at the end of the first quarter was $67.4m, better than the budget of $68.5m.

The company said it will revert to half-yearly reporting, with the next update scheduled for February 2026.

(This story has been updated to add detail)