Popular Manuka honey company Comvita has reported overstating their after-tax earnings by millions.
In both the 2023 and 2024 financial years their overstatement of post-tax earnings was NZD$1 million respectively, though this number is still subject to change with an audit.
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Join nowThe company is laying the blame for these “accounting irregularities” with their China subsidiary “misreporting of sales and accounts receivables”.
The company has now appointed an independent accounting firm to help assist with a broader review into processes, structure and the design of the organisation.
An investigation into the misreporting is also underway, being overseen by its Board and senior management.