Nutreco Raises Quarterly Revenue

The Fish Site
by The Fish Site
21 October 2011, at 1:00am

NETHERLANDS - Animal feed and meat company, Nutreco, achieved an increase in revenues for the last quarter, with performance particularly strong in its Meat business.

In its trading update for the third quarter (Q3) 2011, Nutreco achieved a revenue of 1,535 million, an increase of 14.6 per cent from Q3 2010. The revenue increase was driven by volume growth of 3.5 per cent and a price effect of 11.7 per cent.

Higher operational results in Fish feed in the period were attributed to a 12.3 per cent volume growth.

Operational results of the Animal Nutrition segments were in line with Q3 2010, while those for 'Meat and other' were higher.

Nutreco confirmed its outlook for the full year 2011, expecting full year EBITA before exceptional items of around 230 million (2010: 222.5 million)

Wout Dekker, CEO Nutreco, commented: "Our portfolio showed strong results in Q3 2011, in line with our outlook. Volume growth of our Fish feed business was driven by both salmonid and non-salmonid species. Operating margins in Fish feed were solid. Results in Premix and feed specialties were in line with the same period last year. Strengthened by the successful integration of the acquired Cargill activities, the Spanish compound feed business showed resilience in difficult market circumstances. The Canadian business has performed well and results came in slightly above Q3 2010. The meat operations had strong results that were above the third quarter in 2010.

"Based on the business developments in the third quarter, we confirm our outlook of full year EBITA before exceptional items of around 230 million. This performance demonstrates the robustness of our portfolio. With our strong balance sheet we are well positioned to continue growing our business. On 16 November, we will provide a strategy update," said Mr Dekker.

Further Reading

- You can view the full quarerly report by clicking here.