BioMar Group has raised its EBIT guidance after delivering a strong Q3, nearly outperforming the accumulated results of Q1 and Q2. All markets except Norway have shown performance above expectations.

BioMar reported a 2% year-on-year increase in volumes sold in the third quarter of 2018. While the salmon units in Northern Europe reported the expected decline in revenue, the remaining units increased revenue by 16% compared to Q3 2017. This development brings BioMar in shape to raise the EBITDA guidance for the year from the range of DKK 665-705 million to the range of DKK 690-715 million.

“We knew that Q3 was going to be another challenging quarter for the salmon division due to the tough competition, especially in Norway,” stated Carlos Diaz, CEO in BioMar Group. “However, we clearly see light ahead in terms of recovering volumes and results. We have taken several measures improving our long-term financial performance, striving to increase efficiency while at the same time leveraging on our core strength being locally agile with a strong focus on innovation and collaboration. I believe that we in a short time will see our performance in Norway back on track.”

The YTD results of BioMar Group are ahead of 2017, mainly due to a strong performance in the new business units in Ecuador, Turkey and China. While the consolidated results are in line with the results for 2017, the associated companies and joint ventures contribute with 42 million to the Group compared to 16 million in 2017.

“We have during the last year been integrating Alimentsa in the Group and we have already experienced positive feedback from the market on our contribution to the development of the shrimp industry,” added Diaz. “At the same time, we continue to see a positive development in China and Turkey, where we are building up completely new markets with solid growth rates and results. All in all, I must say that we are in the midst of a very positive development for the Group.”