Novozymes reports "solid" first nine months31 Oct 2017
Novozymes has reported what it describes as a solid first nine months with 4% organic revenue growth. Food & Beverages sales grew by 9% both organically and in DKK compared with the first nine months of 2016.
Novozymes has reported what it describes as a solid first nine months with 4% organic revenue growth.“We grew revenue by 8% organically in the third quarter and by a satisfying 4% in the first nine months,” said Peder Holk Nielsen, President & CEO of Novozymes. “This was better than expected. The EBIT margin was solid, as was free cash flow. And although there is still some uncertainty regarding the fourth quarter, especially within agriculture-related industries, we are adjusting the full-year outlook. With stronger innovation and a well-diversified business showing good, solid momentum, we are positive looking ahead.” Food & Beverages comprised 28% of Novozymes’ 9-month sales. Food & Beverages sales grew by 9% both organically and in DKK compared with the first nine months of 2016. In Q3 y/y, organic growth was 11% and 8% in DKK. Most industries had good growth in Food & Beverages, with nutrition and starch being the main contributors. Baking also performed well, with good EMEA performance, which more than offset the negative impact from the price reductions in the North American freshkeeping market induced by the upcoming patent expiration. Sales of enzymes for Nutrition continued to perform well in the first nine months, with demand for both lactose reduction in dairy and enzymes for infant nutrition increasing. Starch enzymes contributed to growth, driven by China and North America. Lastly, sales for Beverages developed well in the first nine months compared with the same period last year.
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