Food ingredients group Danisco today (17 September) upped its earnings target for fiscal 2010 after enjoying a 27% jump in first-quarter profits.
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The company reported EBIT of DKK524m (US$103.8m) for the three months to 31 July – up from DKK412m a year earlier. Net profit stood at DKK306m compared to DKK271m a year ago.
The rise in profits meant Danisco now sees annual EBIT coming in at DKK1.4bn – up from an earlier forecast of DKK1.3bn. The company also lifted its net profit forecast from DKK650m to DKK750m.
Danisco’s revenues rose 7% to DKK3.5bn, although on an organic basis, sales growth was slower at 2%.
Sales from Danisco’s cultures division rose 11% and were up 6% in genencor. The company admitted, however, “weak” xylitol volumes was hitting revenues from its sweeteners business.
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By GlobalDataCEO Tom Knutzen said: “We are encouraged by the positive start to the year, not least in view of the still challenging and volatile market environment.”
