Comvita has attracted overseas interest as the Manuka honey maker works on a capital raise under its wider recapitalisation programme.
In a stock exchange filing today (23 February), the New Zealand-based business reported receiving “credible expressions of interest” from current shareholders and new investors to back and potentially underwrite the proposed fundraising.
Comvita said part of this interest had come from "an offshore strategic investor in the food and beverage sector".
According to the filing, that investor has indicated a willingness to underwrite a capital raising at NZ$0.80 per share and at a level “materially above” the minimum NZ$25m ($15m) Comvita has said is needed to “position the company appropriately”.
The company’s lenders agreed to support a recapitalisation process in December, after a takeover attempt by rival manuka honey group Florenz did not proceed.
Reflecting on the recapitalisation plan, Comvita chair Bridget Coates said: “The process is progressing to plan, with the board focused on its core objectives – certainty, equitable participation for all eligible shareholders and minimising dilution.”
Comvita also said it is continuing “constructive discussions” with its lending syndicate about extending banking facilities beyond April 2026, subject to the recapitalisation being completed.
In December, the company’s lenders agreed to extend debt maturities that had been due in January and March to the end of April.
Today's recapitalisation update was released alongside Comvita’s results for the six months to 31 December 2025.
Revenue in the period rose 18.3% to NZ$118m, which the company attributed to "strong" volumes and sell-through in the US club-retail wholesale channel, improved recovery of overheads and stronger profitability.
Normalised EBIT rose to NZ$10m, a lift of NZ$10.7m, which Comvita linked to improved operating leverage and broader diversification across its portfolio.
Net profit after tax was NZ$4.6m, compared to a loss of NZ$6.5m last year, which the company said represented a “material improvement".
Net debt fell by NZ$13.7m to NZ$48.7m between June 2025 and December 2025, which the company said was ahead of its expectations.
Coates added: “We delivered against our first-half priorities, returning to profitability, generating positive operating cash flow, and continuing to reduce inventory and net debt.
“Operational discipline is strengthening, leadership capability is being rebuilt, and the company is executing with consistency. These are important foundations, but the turnaround is not yet complete.”
Full-year guidance for its 2026 fiscal year is unchanged, with Comvita still forecasting normalised EBIT of around NZ$14.3m, while noting the outlook remains dependent on trading performance and market conditions.
