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Nutreco CEO, Wout Dekker. (Photo: Skretting)
Nutreco's Q3 turnover sees growth of 11 pc
NETHERLANDS
Friday, October 29, 2010, 00:50 (GMT + 9)
Fish and animal feed company Nutreco saw an 11 per cent rise year-on-year in turnover in the third quarter of 2010. It took third quarter sales to EUR 1.3 billion mostly as a result of higher raw material costs as well as currency effects and a takeover.
“We are pleased with the performance in this quarter. Based on the business developments in the third quarter we confirm our outlook for the full year 2010,” CEO Wout Dekker said.
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| Pellets (Photo: Nutreco) |
Nutreco expects to record a 25 per cent in EBITA earnings over the full year.
The volume development was relatively flat, falling 0.6 per cent, due to volume growth in Premixes and feed specialties, as well as in Meat and other, including a volume drop in the other segments.
From acquisitions, the contribution was 3.0 per cent per the acquisition of compound feed operations from Cargill in Spain and Portugal, and that of premix and fish feed operations from Fri-Ribe in Brazil.
The exchange rate effect was 5.8 per cent and mostly due to a positive effect because of a stronger Canadian dollar, US dollar and Norwegian krone.
Fish feed revenues were 14.3 per cent higher in Q3 this year than in Q3 2009, mainly due to a price effect of 7.7 per cent and a foreign exchange influence of 9.5 per cent.
The volume effect this third quarter was -3.0 per cent due to a volume shift between the second and third quarter compared to last year. Year-to-date, the fish feed volume growth is +4.4 per cent against last year.
Salmon feed volumes grew year-to-date at 3.9 per cent in Norway and a generous 36.9 per cent in Chile. The company shut down its plant in Ireland and moved production to the UK plants.
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| Feeding (Photo: Nutreco) |
For the full year, Nutreco anticipates a volume growth of about 4 per cent and an EBITA-margin slightly rising past 6 per cent. It is maintaining its medium-term guidance to achieve a volume growth of 5 per cent or more.
Business developments in the third quarter matched Nutreco’s expectations and, barring unforeseen events, the firm anticipates EBITA before exceptional items in H2 to be in line with the robust second half of last year at EUR 133.6 million.
The company will continue to emphasise growth in animal nutrition and fish feed through various channels:
- Focusing on geographical regions and markets with potential for structural profitable growth in Brazil, China, Russia, Vietnam and other countries
- Partaking in consolidation in countries where it has a leading position in compound feed, such as North America, the Netherlands and Spain
- Keep boosting its global market position in premix and feed specialties and fish feed via organic growth and acquisitions
- Executing its science and innovation strategy by creating new sustainable products and feed solutions, and develop its product portfolio of higher margin products
Related articles:
- Skretting closes fish feed facility
- Nutreco doubles operating results
By Natalia Real
[email protected]
www.seafood.media
Photo Courtesy of FIS Member  Skretting AS - Headquarters
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