However, although the group delivered a lower result than expected in Q1 2018, they have not adjusted their expectations for the full year results.
“We see the achieved market share in 2017 at the salmon markets and especially in Norway as a situation which the market will need to get used to. It has been a tough competitive scenario with pressure on margins, but we expect it to improve during the year. In Q1 we concluded negotiations with key customers in UK and we are confident that 2018 will turn out to be another good year, where BioMar will push innovations to the market setting the agenda in the industry,” says Carlos Diaz, CEO of BioMar Group.
Moreover, their sales volume has increased compared to Q1 2017, largely thanks to the acquisition of Alimentsa in Ecuador and the group observe that their new markets – in Ecuador, Turkey and China – have been flourishing.
“We expect to continue delivering solid results from the new business units in Ecuador and Turkey, and we will carry on building our position in China together with Tongwei Group. In Ecuador we are in the midst of a very promising integration of Alimentsa into our group and we expect to create further synergies during 2018. In Turkey, we have within a relatively short timeframe managed to become a significant feed supplier in one of Europe’s most important aquaculture regions. We have confidence that 2018 is going to be another good year, including our traditional markets comprised by our Salmon Division and EMEA Division,” Diaz concludes.