BioMar heading for robust full-year results
Thursday, November 5, 2020
BioMar’s Q3 report underlines that BioMar holds a steady course despite a challenging and complex business environment. The group continues to deliver solid financial results with an 8% increase in volume sold and a 4% increase in revenue compared to Q3 last year. The growth was mainly delivered by a good performance in salmon markets across all geographies. The other divisions experienced slightly declining sales volumes due to disrupted shrimp and fish export related to the coronavirus, combined with the medium-term consequences of the winter storm on the Spanish coast at the beginning of the year.
“We have been able to steer the business through this period of global uncertainty with solid results. Markets are changing around us. The sales channels for fish and shrimp are being disrupted by the affected HORECA sector and our customers are facing difficult times requiring new solutions. We are constantly striving to be agile and support our customers across the globe as much as possible,” explained Carlos Díaz, CEO of BioMar Group.
The EBITDA declined in Q3 compared to last year, however year-to-date EBITDA surpasses the 2019 level. “It is difficult right now for everyone to predict what the world will look like just a few months ahead. Are we facing new massive lockdowns across the globe, or will there soon be light at the end of the tunnel? Right now, we will continue taking care of our people and securing supply and business continuity for our customers,” said Díaz.
“We are heading for a full year, where we are comfortable about the guidance we have given to the stock market. Despite the impact of the coronavirus on the HORECA sector, we see demand for fish and shrimp increasing impressively through other channels, so we are confident in the fundamentals of the aquaculture industry,” concluded Carlos Díaz.
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