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Naturex Maintains Positive Momentum in H1 2013

Source: Naturex
26/07/2013

26 July 2013

  • Sales up 13.4% at constant exchange rates
  • Good contributions from our geographic positions
  • Naturex, the global leader in specialty plant-based natural ingredients, announces its 2013 first-half consolidated revenue:

    €000s
    IFRS
    Unaudited data
    FY 2013 FY 2012 Change (%) Change (%)
    at constant exchange rates
    1st quarter 83,196 73,473 +13.2% +14.4%
    2nd quarter 82,558 73,684 +12.0% +12.5%
    H1 revenue 165,754 147,157 +12.6% +13.4%

    Consolidated revenue for the 2013 first half amounted to €165.8 million, up 12.6% from last year's same period.

    At constant exchange rates, first-half sales rose 13.4% with 11% from organic growth and 2.4% from changes in Group structure (mainly Decas Botanical Synergies). The net currency effect for the period was -0.8%.

    This good performance, with steady growth momentum the last two quarters, reflects both Naturex's strategy to build an increasingly differentiated product offering and extended geographical coverage.

    Positive sales trends by business

    €000s
    IFRS
    Unaudited data
    H1 FY 2013 H1 FY 2012 Change
    (%)
    Revenue mix
    (%)
    Change
    (%)

    at constant exchange rates
    Food & Beverage 94,149 94,309 -0.2% 56.8% +0.9%
    Nutrition & Health 59,064 44,322 +33.3% 35.6% +33.6%
    Personal Care 3,025 2,587 +16.9% 1.8% +17.2%
    Toll-Manufacturing and misc. 9,516 5,939 +60.2% 5.7% +60.2%

    • The Food & Beverage division had revenue of €94.1 million, up 0.9% at constant exchange rates, bolstered by stronger momentum in the second half, particularly in the range of fruit and vegetable powders. Sales nevertheless continued to be impacted by the slowdown of the distribution activity in Australia.
    • Nutrition & Health achieved strong growth of 33.6% at constant exchange rates to reach revenue of €59.1 million, still driven by positive market trends, particularly in the United States, and a diversified range of plant extracts and innovative concepts;
    • Personal Care, which represents 1.8% of total revenue, has continued to develop with sales of €3 million, up 17.2% at constant exchange rates from the 2012 first half.
    • Toll Manufacturing revenue came to €9.5 million, up 60.2% at constant exchange rates, despite the slower pace of sales in the second quarter.

    Solid geographic positions

    €000s
    IFRS
    Unaudited data
    H1 FY 2013 H1* FY 2012 Change
    (%)
    Revenue
    mix(%)
    Change
    (%)

    at constant exchange rates
    Europe/Africa 78,348 71,370 +9.8% 47.3% +10.1%
    Americas 68,504 57,896 +18.3% 41.3% +19.6%
    Asia/Pacific 18,902 17,891 +5.6% 11.4% +6.6%

    * To take into account the geographic breakdown of our Sales Divisions, countries of the Middle East region previously included in Europe/Africa are henceforth presented within the Asia/Pacific region. The revenue breakdown by region for the 2012 first half in consequence takes into account this new presentation.

    All regions registered good gains, reflecting proactive performances by the sales network both in developed and emerging countries accounting for 16.4% of Group sales:

    • The Europe/Africa region had revenue of €78.3 million, up 10.1% at constant exchange rates from the 2012 first half. This level reflects growing contributions both from toll manufacturing as well as from selected European countries;
    • The Americas, with revenue of €68.5 million, achieved further gains both in North America, mainly from the good performance of the nutraceutical market in the US, and continuing development in Latin American countries;
    • The Asia/Pacific region had moderate growth of 6.6% at constant exchange rates to reach €18.9 million, in large part reflecting the continuing slowdown in the distribution of ingredients in Australia. Asian countries, accounting for 51.2% of revenue for the entire Asia/Pacific region in the first half, continued their expansion.

    "We are very satisfied with the level of organic growth in the 2013 first half in an economic environment that remains difficult. This positive trend should continue in the second half though with a marginal slowdown expected from the less favourable comparison base with the same period in 2012", commented Naturex's Chairman-CEO, Thierry Lambert. "Our teams throughout the world will pursue their efforts to multiply initiatives to increase the differentiation of our offering, strengthen our positioning and accelerate our development in regions and markets with strong growth potential."



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