Comvita is “on considerably firmer ground”, the honey maker’s chair has said, after the company returned to profitability in its most recent fiscal year.

The New Zealand-listed business closed the 12 months to the end of June in the black after two years in the red.

Comvita’s revenues rose more than 10% amid improved sales in North America.

The higher revenues contributed to a net profit of NZ$7.7m (US$4.6m), which compared to a loss of NZ$104.8m a year earlier.

“Comvita stands on considerably firmer ground than it did a year ago,” chair Bridget Coates said.

“Restoring profitability and completing the recapitalisation were the board’s most critical focus areas in FY26. Together, these actions significantly strengthened Comvita's financial position and created a more stable platform for the future.”

In a stock-exchange filing, Comvita said its revenues grew to NZ$213m as sales in club stores in North America boosted the company’s top line.

Comvita said its sales more than doubled in North America, which has become the largest market for mānuka honey globally.

The company’s sales in China fell more than 4%. It said China’s consumers were more “value-conscious” amid the economic conditions in the country.

The business, meanwhile, said its operating expenses fell more than 10%.

Comvita said it ended the year with a “strengthened” balance sheet after refinancing and a recapitalisation of the business.

The company closed a capital raise of NZ$40.5m in May 2026, which included Singapore’s Fraser and Neave buying a stake in the business.

The move enabled Comvita to finalise a refinancing package with its lending syndicate.

F&N is working with the company on “several strategic initiatives” that could “accelerate growth” across Southeast Asia.

CEO Karl Gradon said: “Our focus now is on continuing to improve operational performance and returns, while pursuing targeted growth opportunities and maintaining financial discipline.”