News

Corbion organic sales grow, currency causes decline

14 Aug 2018

For the first half of 2018, Corbion has reported sales of €439.2 million, a decrease of 4.9% compared to H1 2017 - entirely due to negative currency effects, the company said.

For the first half of 2018, Corbion has reported sales of €439.2 million, a decrease of 4.9% compared to H1 2017 - entirely due to negative currency effects, the company said. Organic sales growth was 3.1%. Volume growth was 6.6%. EBITDA excluding one-off items in H1 2018 decreased by 19.0% to €71.5 million due to negative currency effects and the inclusion of the Algae Ingredients business. Organic EBITDA excluding one-off items increased by 1.2% in H1 2018.

"I am happy to report that we have seen a continuation of improving organic sales growth rates in our Food business segment which returned to growth in Q2 after a challenging period,” said Tjerk de Ruiter, CEO. “In the first half year, Corbion performed within the sales growth rate target bandwidth of our Creating Sustainable Growth strategy. Margins in Ingredient Solutions remained at a healthy level of around 20%. As expected, our profitability in Innovation Platforms is adversely impacted by the inclusion of the newly acquired Algae Ingredients business which is in an early stage of development. We believe that this platform offers many exciting growth opportunities for Corbion, leveraging our expertise of running industrial scale organic acid operations.”