Food ingredients group Chr. Hansen today (3 November) posted an increase in full-year profits, despite the challenging economic climate.

The group posted net profit of EUR118.6m (US$163.5m) for its full-year, up from 19.2m the year before. EBIT reached EUR159.2m, up 38% from the same period last year. Meanwhile, revenues climbed 15%, reaching EUR635.5m for the full-year.

During its fourth quarter, the company posted net profit of EUR40m, up from 27.4m the same period last year. EBIT climbed 8% to reach EUR45.9m. The company reported revenues of EUR161.5m, up 5%.

Chr. Hansen CEO Lars Frederiksen recognised the difficult economic trading environment and high raw material prices, especially carmine, but said the company had reached its financial targets for the year.

"We delivered on our financial targets for the year with profitable growth across all business areas resulting in organic growth of 14%. Excluding the effect of carmine prices, organic growth reached 10%. The positive development is a clear evidence of the resilience and scalability of our business model." 

"We continue on track to meet our long term growth expectations and expect organic growth in 2011/12 to reach 7-10% excluding the effect of carmine prices. We expect carmine prices to decline in the coming year affecting the organic growth negatively by approximately 2 percentage points to 5-8%."

He added that the company expects EBIT to be above 26%.