Corbion sales, profits grow27 Apr 2016
Corbion has reported sales of €228.3 million in the first quarter of 2016, an increase of 3.8%. Organic sales growth was 2.9%, mostly driven by volume improvements. EBITDA excluding one-off items increased by 17.5% to €43.7 million.
Corbion has reported sales of €228.3 million in the first quarter of 2016, an increase of 3.8%. Organic sales growth was 2.9%, mostly driven by volume improvements. EBITDA excluding one-off items increased by 17.5% to €43.7 million."We’ve had an encouraging start of 2016. Growth in our Food business segment exceeded expectations, while the margin development for Corbion as a whole improved significantly,” said Tjerk de Ruiter, CEO. “As expected, growth in the first quarter in our Biochemicals business segment was below our aspiration level, but we see evidence from the order pipeline that the trend will turn for the positive in the quarters to come.”Business segment Food Net sales in the Food business segment grew organically by 3.7%. Both program Streamline and an improved product mix drove higher profitability for this segment. In Bakery, the company said it sees increasing traction for its more advanced functional bakery blends. Meat saw its growth mainly being driven by mix improvements in the portfolio and strong growth in Latin America. Customer switching to Corbion’s Low Cost in Use solutions was again at a minimum. In its other markets (Dairy, Confectionery, Beverages) Corbion saw good growth across the board. The company commenced production in its new acid powder line to support its expansion in confectionery.
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