Hoersholm, 2011-04-06 07:59 CEST (GLOBE NEWSWIRE) --
Company Announcement No. 6/2011 – April 6, 2011
Highlights:
Revenue in the first half 2010/11 amounted to EUR 315 million, up 23% compared to the same period 2009/10
Organic revenue growth of 17% for the first half 2010/11 was positively affected by approximately 7 percentage points from increased sales prices reflecting higher raw material prices for carmine partly offset by negative effect of approximately 2 percentage points from euro pricing in certain countries
Operating profit (EBIT) before special items up by 23% to EUR 71 million, from EUR 58 million in the same period last year, corresponding to an operating profit (EBIT) margin before special items of 23%, unchanged from the same period 2009/10
In Q2 2010/11 revenue increased by 24% corresponding to an organic revenue growth of 19%. The organic growth was positively affected by approximately 8 percentage points from increased sales prices reflecting higher raw material prices for carmine partly offset by negative effect of around 2 percentage points from euro pricing in certain countries. Operating profit (EBIT) margin before special items reached 23%, unchanged from the same period last year
The outlook for the financial year 2010/11 has been revised compared to the outlook given in the announcement of January 12, 2011. Revenue is now expected to grow organically by 12-14% (previously 11-13%). The 58% growth in the Colors & Blends Division has changed the business mix which slightly reduces group operating profit margins. Operating profit (EBIT) margin before special items is now expected to be at or above 25% (previously above 25%).
Full interim report 2010/11 is attached.
