Naturex presented its consolidated financial results for the first nine months of 2011, reporting a generated revenue of €191.2 million, up 12.1% compared to the first nine months of the previous period, and 12.7% in constant currencies.
The company’s two primary divisions, Food & Beverage and Nutrition & Health, contributed substantially to its growth, with the mature markets in Western Europe and North America confirmed their solidity, while the emerging markets showed excellent dynamism.
Over the period, Naturex benefited from highly favorable operating leverage. The company’s gross margin grew 19.4% over the nine months of the previous period, standing at €111 million, and net income is up 26.5% to €13.7 million, after taking €5.9 million in tax expense into account. This lead to net profitability that represents 7.1% of the revenue compared to 6.3% one year before.
The company also saw the success of a capital increase exercise of shares with warrants, launched in October, that allowed Naturex to raise nearly €49 million. This capital is intended to finance future external growth projects, of which two or three could be realized by the end of the 2011 financial period.
"This operating performance once again confirms the quality and the solidity of Naturex’s economic model in a volatile environment, and confirms our ambitious development strategy revolving around sustained organic growth and external growth providing synergies," says Jacques Dikansky, president and CEO. "We are confident in our ability to quickly integrate our latest acquisition [of French company Burgandy Botanical Extracts], continue our investments and generate sustainable and profitable growth, creating value."