The difficult global economic conditions prevailing in 2013 led to slower economic growth, particularly in Western Europe, Naturex has said.
In that context, and despite a particularly high comparison base from the prior year's second half, Naturex said that it had achieved good annual gains in an ingredients market still sustained by positive underlying trends.
On that momentum, full-year sales reached €320.8 million, up 7% from 2012. At constant exchange rates, sales rose 9.7% including organic growth of 8.0% and 1.7% from changes in group structure (business of Decas Botanical Synergies consolidated as of 19 September 2012). Foreign exchange trends (-2.7% for the year) impacted mainly 2013 third and fourth quarter sales due to the significant depreciation of several currencies versus the euro, including the US and Australian dollars and selected emerging country currencies (Brazil, Mexico, China, Russia, India, etc.).
Food & Beverage had revenue of €184.1 million, with a marginal gain at constant exchange rates from the same period in 2012. This limited growth was however accompanied by a positive shift in the product mix to higher value-added products.
Nutrition & Health posted excellent growth, the company said, gaining 24.8% at constant exchange rates to reach €112.9 million, reflecting both Naturex's strong positioning in North America as well as significant development in Europe, Asia and Latin America.
Growth performance for the three geographical regions was less uneven, despite currency effects, due to positive contributions from emerging countries that account for 17.7% of group sales.
The Europe/Africa region had revenue of €150.6 million, up 6.9% at constant exchange rates from 2012. In addition to the good level of activity for toll manufacturing in this region, selected Western European countries showed encouraging signs of recovery at year-end.
Revenue for the Americas region rose 11.4% at constant exchange rates to €130.3 million, confirming both the strong contribution of the United States and Latin America's continuing strength despite the significant depreciation of selected currencies, in particular the Brazilian real.
The Asia/Pacific region had growth of 14.7% at constant exchange rates with revenue of €39.9 million. Asia continued to show very strong gains and now accounts for 53.5% of sales for this region, whereas sales in Australia advanced at a slower pace.
“Naturex achieved a very good performance for 2013 in a particularly challenging economic environment in terms of growth and despite an unfavourable comparison base,” said Thierry Lambert, Naturex's chairman-CEO. "This positive momentum reflects the work of our teams who contribute throughout the world to Naturex's development by providing an international customer base with a service and innovation driven offering. In 2014, we must continue to progress in a still difficult macroeconomic environment, focusing on our organic growth while pursuing our strategy of selective acquisitions."
