Comvita has provided an update to the market, revealing that its unaudited results for the 2024 financial year (FY24) were below previous guidance.
The company cited continued weakness in the China market, as well as the impact of this slowdown on the rest of Asia, as the reasons for the lower-than-expected results.
Comvita's FY24 revenue reached $204.5 million, compared to the previous guidance range of $211m to $218m.
Similarly, its FY24 EBITDA (excluding ERP and non-operating costs) was $17.1m, falling short of the guidance of $23m to $28m.
The company reported a net loss after tax of $16.8m for FY24, subject to an impairment adjustment that is yet to be quantified.
Comvita's inventory and net debt were said to be in line with previous guidance, and its cost-saving plans for the 2025 financial year are on track, with annualised savings of $10m to $15m identified so far.
The board has engaged an independent expert to provide impairment advice.
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