Chr. Hansen Holding A/S released an interim report for the first quarter 2011/2012, spanning Sept. 1, 2011 to Nov. 30, 2011. The company saw revenue at €168 million, up 12% compared to Q1 2010/11, with organic growth of 13% (12% adjusted for change in sales prices to reflect changes in raw material prices for carmine). Its EBIT before special items was €41 million, an increase of 20% over the same quarter last year, and net profit for the quarter was €26 million, up from €23 million in Q1 2010/11.
“Our financial year 2011/12 has started positively. Organic revenue growth reached 13% and with EBIT up by 20% reaching an EBIT margin two percentage points higher than Q1 last year we continue to demonstrate the scalability of our business model. At the same time we have increased our investment in research and development which shows our commitment to building a strong future for Chr. Hansen. In a challenging world economy it is encouraging to see the strength of our growth platform with solid improvements across our regions and divisions. With the strong performance in Q1 we reiterate our outlook for the year." says CEO Lars Frederiksen.
The company R&D spend reached €12 million, corresponding to 7% of revenue, and its outlook for 2011/12 remains unchanged from the outlook given in a November 2011 announcement. Excluding that effect on sales prices from changes in raw material prices for carmine, the organic growth is still expected to be in the range of 7–10%.