Novozymes reports "better than expected" first half results

18 Aug 2017

Novozymes has reported what it describes as a good first half with 3% organic revenue growth, which was better than expected. Food & Beverages grew by 8%.

Novozymes reports better than expected first half results

Novozymes has reported what it describes as a good first half with 3% organic revenue growth, which was better than expected. Food & Beverages grew by 8%. Excluding reorganization costs, the EBIT margin was 28.5% (1H 2016: ~28%). The company maintained its 2017 outlook of 2-5% organic sales growth, and around 28% reported EBIT margin.

“Overall, the first half was good, and better than expected,” said Peder Holk Nielsen, President & CEO of Novozymes. “We had growth in the large segments and delivered 3% organic sales growth with a strong EBIT margin, excluding one-offs. We made important advances in our innovation pipeline within grain milling, vegetable oil and household care opening up new market segments. We should see growth pick up in the second half of the year, but also acknowledge the risk of agriculture-related markets changing swiftly. Consequently, we maintain our full-year expectation for organic growth, while DKK expectations have been adjusted to reflect weaker currencies.”

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