Denmark-based food ingredients group Chr. Hansen today (12 January) posted a doubling in its first-quarter profits on the back of higher sales.
Chr. Hansen booked net profit of EUR23.2m (US$30.1m) for the three months to the end of November, up from EUR11.3m a year earlier. Underlying operating profit climbed 22% to EUR35.2m.
The group’s revenues also rose 22%, reaching EUR155.8m, thanks to higher sales across its three divisions – cultures and enzymes, health and nutrtition and colours and blends.
The jump in revenues led Chr. Hansen to up its sales targets for the full year. It now expects revenue to grow on an organic basis by 11-13%, up from 8-10%. Operating profit margin before special items is still expected to be above 25%, Chr. Hansen disclosed.
The company, meanwhile, also announced that its CFO Henning Jakobsen has decided to leave the business to “pursue a more operational career opportunity with a multinational company outside Denmark”. Jakobsen will leave in September.
Shares in Chr. Hansen, which is majority-owned by private-equity firm PAI Partners, were up 0.6% at DKK121 at 12:29 CET today.