- R&D
BioMar acquires full ownership of leading Norwegian research centre for aquaculture
BioMar has signed an agreement to acquire full ownership of LetSea, Norway’s leading experimental and research centre for aquaculture by taking over…
BioMar's third quarter reveals a decline in sales volumes year-on-year, while the company is still heading for a strong full-year result. Although revenue has decreased due to stable volumes and lower raw material prices, earnings have increased due to an emphasis on commercial and operational efficiency and a shift towards long-term customer relationships.
BioMar reports solid third quarter results for 2024, still indicating that the company will reach the expected earnings for the year. However, full-year revenue expectations are slightly lowered due to decreasing raw material prices combined with lower volumes because of biological conditions in Norway, energy crisis in Ecuador and a focus on receivable risks in the Mediterranean area.
"In general, we are performing well across divisions despite challenges related to biological conditions in Norway and the Ecuadorian energy crisis, which has impacted our production of shrimp feed. Our focus on functional feed solutions combined with shared value creation with our customers is providing tailwind. Given our strong momentum and solid outlook, we will slightly narrow the full-year EBITDA expectations for 2024 to the level of DKK 1,410-1,460 million" explains CEO Carlos Diaz.
The news on the quarterly results is released together with an announcement from Schouw & Co., the owners of BioMar, that they have initiated an evaluation of a potential listing:
“Schouw & Co. has initiated an evaluation of a possible separate listing of BioMar. Since BioMar became part of the Schouw & Co. Group in 2005, we have grown to become a leading global producer of sustainable aquaculture feeds and have almost six-doubled our revenue. A potential separate listing of BioMar could provide the right platform for BioMar to continue our growth trajectory” says BioMar CEO Carlos Diaz and continues:
“If Schouw & Co. eventually decides to pursue a separate listing of BioMar, they intend to remain the majority shareholder of BioMar and will continue to support our development through both organic and acquisitive growth”.
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