Nutreco posts positive results in Q1 update
Animal nutrition and fish feed supplier Nutreco has reported a first half year earnings of €853.3 million; an increase of 8.4% from Q1 2013.
Knut Nesse, CEO Nutreco: "We are pleased with the higher results for the first quarter compared to last year driven by higher volumes in fish feed, mainly in Norway. Animal Nutrition results were slightly above last year with encouraging trends in margin development and volumes particularly in mature markets.
Our new organisational structure has been effectively implemented. The structure brings us closer to the business which will provide better execution power and deliver increased focus to regions with more integrated Animal Nutrition and Fish Feed businesses.
Our long term growth drivers are a growing world population and increased demand for protein which remain the basis of our strategy. Organic growth will be achieved by investing in new production facilities such as the recently announced investments in Asia as well as value-accretive acquisitions in line with our strategy.
Based on the developments in the first quarter, we expect EBITA before exceptional items for continuing operations for the first half of 2014 to be clearly higher than first half 2013 (€80.3 million)."
Revenue for the Animal Nutrition segment in the first quarter amounted to €438.8 million, a decrease of 4.6% compared to last year (Q1 2013: €460.0 million). The volume effect was 1.0%, with higher sales in Canada and increased volumes in value-added nutritional solutions such as young animal feeds. The price effect was -1.9% caused by lower raw material prices. The contribution of acquisitions was 1.6% and related to the animal nutrition operations of Gisis in Ecuador and Hendrix Misr in Egypt. The foreign exchange rate effect was -5.3%. The operating result was slightly higher than the same quarter last year.
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