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Corbion falls short, but CEO is optimistic about second half
14 Aug 2017Corbion has reported H1 2017 sales of €461.9 million, an increase of 1.4% compared to H1 2016. Organic sales growth was -0.9%, mostly due to lower volumes in Bakery.
Corbion has reported H1 2017 sales of €461.9 million, an increase of 1.4% compared to H1 2016. Organic sales growth was -0.9%, mostly due to lower volumes in Bakery. EBITDA excluding one-off items in H1 2017 decreased by 1.7% to € 88.3 million. The operating result YTD was €73.1 million, an organic increase of 10.8%. Organic EBITDA has declined by 6.2% in H1 2017.
"Top-line development in the first half of the year fell short of our ambition level, mainly due to a shortfall in Bakery,” said Tjerk de Ruiter, CEO. “The first results of our actions to recover sales in Bakery became visible in the course of the second quarter. Based on this, and the positive developments in other parts of the business, we are optimistic about our top-line performance in the second half of the year. As expected, our margins in the second quarter were adversely affected by rising sugar prices. The PLA joint venture with Total became operational in early March, and plant construction is well underway and on schedule.”