Shares in Denmark-based ingredients group Danisco fell nearly 5% today (16 December) as the company lowered its full-year profit forecast.
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At 13:28 CET, shares in Danisco had dropped 4.94% to DKK250 (US$46).
Earlier in the day, Danisco trimmed its EBIT forecast to around DKK1.3bn from DKK1.4bn as it posted a fall in half-year profits.
Operating profit fell to DKK727m in the period ended 31 October from DKK824m in the corresponding period a year ago.
Revenue, however, rose from DKK6.13bn to DKK6.58bn.
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By GlobalDataFood ingredients sales rose from DKK4.33bn to DKK4.58bn. The division posted EBIT of DKK590m, up from DKK575m a year earlier.
The company said its collaborations with DuPont and Goodyear are “progressing well” and that financial items were “exceptionally strong” for the quarter.
“In spite of the tumultuous economic environment, we have so far been able to manoeuvre through the high waters without any dramatic impact on our activity level although we are witnessing shifting customer behavioural patterns,” said CEO Tom Knutzen.
Danisco said it has postponed its share buyback programme due to “unstable financial markets”.
