Comvita New Zealand has rewarded shareholders who remained loyal to the company during last year's heated takeover battle by delivering a record net profit for the year to March and a hefty increase in its final dividend.
Comvita, which is involved in natural health and beauty products - much of it derived from manuka honey - said its net profit hit $8.2 million, which was at the top end of last year's earnings guidance of $7.3 million to $8.2 million.
The result compared with a net profit of $500,000 in the previous year, which was depressed by $3.1 million in one-off costs.
Comvita fought off a $2.50-a-share takeover bid last October from Singapore-based Cerebos Pacific. At the time, a valuation conducted by consultants Grant Samuel put Comvita's value at $3.40 to $4 a share, which was too much for Cerebos.
Comvita's shares closed up 25c yesterday at $3.15.