News

  17/04/2023 | Ingredients

Chr. Hansen reports strong results for Q2: 11 % organic growth

A strong first half supporting the full-year outlook at ingredients specialist Chr. Hansen. CEO Mauricio Graber: “The strong results for Q2 confirm the attractiveness of the markets we serve in FC&E and H&N, and the resilience of our customer-focused business model. Organic growth came in higher than expected and reached 11 %, driven by both pricing initiatives and volume growth. Ebit b.s.i. increased by 8 % despite higher input costs and a less favourable product mix, leading to an Ebit margin b.s.i. of 27.0 %, which was in line with expectations. In light of the increased impact from EUR-based pricing, we adjust our outlook for 2022/23 for organic growth to 8 to 11 %, while maintaining the outlook for the Ebit margin b.s.i. of 26 to 27 %. The outlook for the free cash flow b.a.s.i. is adjusted to EUR 180 to 220 million.”

Revenue amounted to EUR 338 million, up 11 % from EUR 304 million in Q2 2021/22. Year-to-date revenue amounted to 647 million, up 13 % from last year. Organic growth driven by a mix of price and volume growth. Food Cultures & Enzymes organic growth was 12 % and mainly driven by price initiatives, but with good volume growth above underlying markets. Health & Nutrition organic growth was 9 % and driven by volume, but with an increased impact from pricing initiatives.

Ebit b.s.i. amounted to EUR 91 million, up from EUR 84 million in Q2 2021/22. The increase was driven by a positive contribution from exchange rates, pricing initiatives and volume growth. Year-to-date EBIT b.s.i. amounted to EUR 168 million, up 12 % from last year.

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