Capilano Honey records sweet profits

The company which listed with the ASX in July 2012, has more than doubled its profit to $2.95m befor…

The company which listed with the ASX in July 2012, has more than doubled its profit to $2.95m before tax for the six months ending December 31, 2013. Yesterday also saw the honey company’s share price rise 23.7 percent to a record $4.90 before losing some traction later that afternoon, The Australian Financial Review reports.

Drought and adverse weather conditions impacted on crop production in recent times, resulting in the sharp rise of honey prices.

The popularity of honey as a medicinal alternative internationally is also continuing to drive sales according to Ben McKee, Capilano’s managing director.

"Domestic market share has again risen; assisted by the launch of a new pot-set honey, premium offerings in glass jars focusing on the provenance of honey and an expanded ranging of medicinal manuka honeys," said Mckee in a statement.

McKee also noted that the company’s acquisition of former competitor Wescobee, coupled with wider distribution internationally has also helped lift sales.

“Export sales have likewise grown as we have achieved greater ranging of our branded products and have begun wider distribution throughout Asia,” he said.