Animal nutrition and fish feed giant Nutreco has announced healthy results for the first half of 2010, including a strong increase in operating result (EBITA) to €84 million ($109.8 million).
The Dutch company has reported revenues of close to €2.3 billion ($3 billion) an increase of 5.8% compared with the first half of 2009.
For the full year 2010, Nutreco expects an increase of approximately 25% in EBITA before exceptional items compared with 2009 (€175.2 million/$229 million).
Wout Dekker, CEO Nutreco, said the H1 results were better than in the same period last year for all business segments.
“These results, the recovery of the markets and our good financial situation give us confidence for the future. We are also very pleased with the composition and quality of our results. For the second half of the year, we expect results in line with the very strong second half of 2009.
"Our premix and feed specialties operations have very good results, with a growth in volume and an improved product mix. Fish feed operations show strong growth in Norway and we experience a recovery in the Chilean aquaculture sector.
"The recent acquisition of a fish and shrimp feed business in Vietnam is in line with our strategy to further strengthen our position in feed for amongst others shrimp, tilapia, barramundi, snapper and grouper, in countries of strategic importance. After China and India, Vietnam is the world's largest aquaculture producer. For Nutreco, the acquisition is a good entry into the Vietnamese market and a basis for further growth,” said Dekker.
Next to this acquisition Nutreco is investing in renewing and expanding its production capacity. In March, the company announced the investment of €20 million ($26.1 million) in upgrading and expanding the fish feed factory in Australia.
“The investment will enable Skretting to meet the growing demand for high-quality fish feed for salmon, trout, barramundi and tuna in both Australia and New Zealand.”
Since 2001, the volume for fish feed in this region has grown by 10% annually, said Dekker.
Nutreco will publish a trading update for the third quarter of 2010 on 28 October 2010.
