Consolidated quarterly results 2011 (1st January to 31st March 2011)
An excellent start to the year
- Organic growth in sales of +17.5%
- Operating margin at 12.2% of revenue
- Net income multiplied by 2
Press release
Avignon, 30th May 2011 - Naturex, world leader in specialty plant-based natural ingredients, presents its consolidated results for the 1st quarter of FINANCIAL year 2011:
| In €M IFRS Unaudited data |
1st quarter 2011 |
1st quarter 2010 |
Change % |
2010 Annual |
| Revenue | 64.0 | 51.6 | +24.0% | 226.3 |
| Gross margin | 37.4 | 28.6 | +30.8% | 132.1 |
| % gross margin | 58.5% | 55.4% | 58.4% | |
| Operating income | 7.8 | 5.3 | +47.2% | 27.3 |
| % operating margin | 12.2% | 10.4% | 12.1% | |
| Cost of net financial debt | (1.2) | (1.1) | +9.1% | (5.6) |
| Other financial income and expenses | (0.5) | (0.4) | +25.0% | (0.7) |
| Income before tax | 6.1 | 3.8 | +60.5% | 21.1 |
| Tax expense | (1.3) | (1.4) | -7.1% | (6.2) |
| Net income, Group share | 4.8 | 2.4 | +100.0% | 14.8 |
| % net profitability | 7.5% | 4.7% | 6.5% | |
| Average rate of the dollar ($) | 1.3642 | 1.3899 | 1.3220 |
Sharp growth in sales: +17.5% in constant currencies and constant scope
Consolidated revenue for the 1st quarter of 2011 reached 60.4 million euros, up 24.0% in current currencies (+17.5% in constant currencies and constant scope).
The strong dynamic in sales recorded over the year 2010 continued over the first three months of fiscal year 2011, under the combined effects of an enhanced product range and sales synergies that have benefited all of the markets and geographical regions.
Solid operating performance
The sharp growth in the activity over the quarter has generated a highly favourable leverage effect on the Group's results, confirming the solid performance of 2010 fiscal year:
- The gross margin stands at 37.4 million euros, up 30.8%. The gross margin rate is clearly improving compared to the 1st quarter of 2010 (+3.1 points), at 58.5% of revenue.
- Operating income has recorded a very sharp increase (+47.2%), standing at 7.8 million euros. The operating margin has reached 12.2% of revenue, up +1.8 points on a comparable basis, and is in line with the yearly targets concerning profitability announced for 2011 fiscal year.
- Net income, Group share, over the 1st quarter of 2011 is multiplied by two compared to the 1st quarter of 2010, standing at 4.8 million euros, after taking into account tax expense of 1.3 million euros, the cost of financial debt for 1.1 million euros and 0.4 million euros in other financial income and expense.
Net profitability as such represents 7.5% of the revenue.
"These excellent results for the quarter confirm the solid performance of 2010 and are very closely in line with the yearly targets for growth and profitability announced for 2011", says Jacques Dikansky, President and ceo and founder of Naturex.
"During the upcoming quarters, we are going to continue with our organic development by combining our scientific, technical and sales expertise in order to offer natural ingredients with a high value added, in line with our customers' expectations, in all of the countries where we are located. »
Upcoming event
- Ordinary and Extraordinary Shareholders' Meetings, 27th June 2011
Naturex will convene its shareholders to a shareholders' meeting on 27th June 2011 at 10am at the Palais Brongniart / Petit Auditorium (entrance across from 40 rue Notre Dame des Victoires – 75002 Paris).
The notice prior to the shareholders' meeting is available on the Company's internet site.
Upcoming publications
- H1 revenue: 26th July 2011
- H1 consolidated results: 31st Aug 2011
You can receive all of NATUREX's financial information free of charge by signing up on: www.naturex.fr
NATUREX has been listed on segment B of NYSE Euronext Paris since October 1996
Number of shares in the capital: 6,410,931
Naturex is eligible for the "long-only" DSS. MNEMO: NRX - Reuters: NATU.PA - Bloomberg: NRX:FP |
About Naturex
Naturex is the global leader in specialty plant-based natural ingredients.
The Group is organised around three strategic markets - Food & Beverage, Nutrition & Health and Personal Care - and produces and markets specialty plant-based natural ingredients for the food, nutraceutical, pharmaceutical and cosmetic industries.
Naturex's head office is based in Avignon. The company employs more than 950 people and has high-performance industrial resources through its 11 industrial sites in Europe (France, Italy, Spain, the United Kingdom and Switzerland), as well as in Morocco, the United States, Brazil and Australia. It also benefits from sales presence around the world through a dedicated network of sales offices in 19 countries (France, Italy, Spain, the United Kingdom, Belgium, Germany, Switzerland, Russia, U.A.E., Thailand, Singapore, Japan, China, Korea, Australia, the United States, Canada, Brazil and Mexico).
Naturex’s sound performance is linked to the fast-growing demand for natural products and its capacity to provide manufacturers with the personalised means to meet the requirements of their end consumers. The Group's strength lies in its positioning on specific products which constitute niche markets, thanks to strong sourcing capacity and sustained Research & Development.
Contacts
| Jacques Dikansky President and CEO Tel.: +33 (0)4 90 23 96 89 naturex@naturex.com Carole Alexandre Investor Relations Tel.: +33 (0)4 90 23 78 28 c.alexandre@naturex.com |
Thierry Lambert Vice-President and CFO Tel.: +33 (0)4 90 23 96 89 t.lambert@naturex.com Anne Catherine Bonjour Press Relations – Actus Finance Tel.: +33 (0)1 53 67 36 93 acbonjour@actus.fr |
