Revenues were €179 million, up 7% compared to Q1 2011/12, with organic revenue growth 5% (7% adjusted for lower sales prices to reflect lower raw material prices for carmine). EBIT was €48 million, up 16% compared to Q1 2011/12. EBIT margin was 26.7%, up from 24.5% in the corresponding previous year quarter.
“The solid momentum in the Cultures & Enzymes Division continued with 10% organic growth driven by our innovative product portfolio,” said CEO Lars Frederiksen.
“The Health & Nutrition Division also delivered solid organic growth of 9% while sales in the Natural Colors Division were soft as expected, primarily due to lower carmine prices and volumes. Our operating profit continued to grow faster than revenue and our profitability also increased with an EBIT margin of 26.7% compared to 24.5% in Q1 last year.”
The company said that its outlook for 2012/13 remains unchanged compared to the announcement of 31 October 2012. Organic revenue growth, excluding the effect on sales prices from change in raw material prices for carmine, is expected to be in the range of 8-10% while organic revenue growth, including the effect from change in raw material prices for carmine, is expected to be in the range of 7-9%. The EBIT margin before special items and impairments is expected to be above last year. Free cash flow before acquisitions and divestments is expected to be at the same level as in 2011/12.
