Danish ingredients group Chr. Hansen has increased its revenue forecast for the full-year following “strong growth” in the first half.

The natural ingredients manufacturer said today (6 April) that it is upgrading its organic revenue growth for the full-year to 12-14%, up on the initially forecast 11-13%.

The announcement came as the group recorded 23% revenue growth to reach EUR315m (US$451.3m) for the half ended 28 February, with organic revenue up 17%. The company said that its organic revneu growth was affected by approximately 7 percentage points from increased sales prices reflecting higher raw material prices for carmine, partially offset by the negative effect of approximately two percentage points from euro pricing in certain countries.

For the half, net profit reached EUR47.7m against a EUR3.6m loss in the same period of the previous year.

For the second quarter, the group recorded an EUR24.5m net profit, against an EUR14.9m net loss in the same period of the previous year.

Revenue for the quarter was up 24% to EUR159.6m, while gross margin declined to 47% from 51% in the same period of the previous year.

Click here for the group’s full earnings statement.