BioMar reports volume increase
BioMar has increased 4% sales volumes and revenue in the first 2019 half year compared to 2018 due to the strong performance in the salmon markets in the UK and Chile as well as within the business units producing feed for other species across the world.
BioMar Group continues to deliver solid financial results according to the 2019 half year report released by Schow & Co. The sales volume increased 4% compared to the same period last year driven by strong performance in the salmon markets in the UK and Chile as well as within the business units producing feed for other species across the world. Innovative product offerings and close cooperation with the customers designing advanced feed solutions targeting the consumer market has been some of the factors the company found driving the results.
During the last half year, the business unit in Norway has implemented a new operating model and a new set-up towards the customers, enabling higher efficiency and facilitating agile collaboration. At the same time, the company released new products to the market, creating new opportunities for combining high-performing feed solutions with advanced functional feed.
However, the lower sales volumes during 2018 still impacts the overall results of the group. “We experience, that our initiatives have been well received and we feel that we are regaining our good foothold in the market. The new management team has brought very strong technical profiles to the forefront of our business, enabling next generation of product innovation together with the customers and a reinforced closeness to the market. I am confident, that we will continue to see improved results within a very short timeline,” said Carlos Diaz, CEO in BioMar Group.
During the last half year, BioMar has continued the development of the business, acquiring full ownership of a joint-venture factory in Chile opening for new possibilities in terms of agility and increased volumes. At the same time significant capacity has been added in Ecuador supporting the positive development of the shrimp business. “We are confident that we are on the right track. Based on the positive development, we increase our guidance of full-year 2019 revenue from DKK 10.3 billion to about DKK 10.8 billion and EBITDA from previous DKK 820-890 million to DKK 870-930”, concludes Carlos Diaz.