13/08/2015: Big rise in Corbion earnings

Corbion has stated that one of the reasons for its strong results in its US bakery activities in the fiscals year’s second quarter is its innovative products.

Meanwhile, cost-effective preservative systems boosted US meat results. Behind  its US results, Corbion reported a 23 per cent increase in net sales and nearly a 50 per cent increase in EBITDA excluding one-off items, foodbusinessnews reports. 

“EBITDA grew strongly, driven by organic growth, the continuing strength of the U.S. dollar and the benefits of our productivity improvement program Streamline, which are coming through at a more rapid pace than initially expected,” said Tjerk de Ruiter, chief executive officer of Amsterdam-based Corbion.

EBITDA excluding one-off items were EU€40.1 million (US$44.8 million), which compared with EU€26.8 million in the previous year’s second quarter. EBITDA was EU€39.9 million, which compared with EU€24 million. Net sales in the second quarter increased to EU€232.3 million (US$259.8 million) from EU€188.3 million.

“In the U.S., our bakery activities benefited from the general consumer recovery in addition to good results with our innovative products in bread and sweet products,” Corbion said. “This was despite a temporary production disruption created by the Grandview incident.”

Read the full article HERE.

 

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