Solid half year-results from BioMar Group
Today, the half year report for BioMar Group has been released by the parent company Schouw & Co. The report underlines the long-term solid performance of the company by increased volumes and revenue compared to 2018. The positive development leads BioMar to increase the guidance for the full year in terms of revenue and EBITDA.
BioMar Group continues to deliver solid financial results. The sales volume increased 4% compared to same period last year driven by strong performance in the salmon markets in UK and Chile as well as within the business units producing feed for other species across the world. Innovative product offerings and close cooperation with the customers designing advanced feed solutions targeted the consumer market has been some of the factors driving the results:
“Feed is moving away from being a commodity product towards being a significant driver of welfare in the farms as well as a part of the value proposition towards the end-consumers. Many of our customers are determined to ensure, that we together deliver healthy and sustainable seafood. The agenda of food is changing and our opportunities for taking responsibility expands along with rapid development within the end-consumer segments”, explains Carlos Diaz, CEO in BioMar Group.
During the last half year, the business unit in Norway has implemented a new operating model and a new set-up towards the customers, enabling higher efficiency and facilitating agile collaboration. At the same time new products have been brought to market, creating new opportunities for combining high-performing feed solutions with advanced functional feed. However, the lower sales volumes during 2018 still impact the overall results of the group:
“We experience, that our initiatives have been well received and we feel that we are regaining our good foothold in the market. The new management team has brought very strong technical profiles to the forefront of our business, enabling next generation of product innovation together with the customers and a reinforced closeness to the market. I am confident, that we will continue to see improved results within a very short timeline”, continues Carlos Diaz.
EBITDA affected by change to IFRS16. Please refer to Schouw announcement.
During the last half year BioMar has continued the development of the business, acquiring full ownership of a joint-venture factory in Chile opening for new possibilities in terms of agility and increased volumes. At the same time significant capacity has been added in Ecuador supporting the positive development of the shrimp business.
“We are confident that we are on the right track. Based on the positive development, we increase our guidance of full-year 2019 revenue from DKK 10.3 billion to about DKK 10.8 billion and EBITDA from previous DKK 820-890 million to DKK 870-930”, concludes Carlos Diaz.
For further information please contact:
CEO, BioMar Group
Director, Global HR & Corporate Communication
- and consult the financial announcement at: Schouw & Co