Food ingredients group Chr Hansen today (2 November) booked an annual net profit of EUR19.2m (US$26.8m) after a year of rising sales and profits – and the refinancing of its debt.
The Denmark-listed group, which floated in June, posted a net loss of EUR18.4m a year earlier when the bottom line was hit by financial expenses.
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In Chr Hansen’s most recent financial year, which ended on 31 August, saw its interest bill drop, its EBIT rise 8.1% to EUR119.1m and revenue climb 11.1% to EUR575.5m. On an organic basis, sales rose 12%.
Chr Hansen, which makes ingredients for the dairy and meat sectors, said it expected sales to rise by 8-10% on an organic basis in its 2010/11 fiscal year – a rate it also expects to see over the next three to five years.
The group, in which private equity firm PAI Partners still holds a 55% stake, is targeting an EBIT margin of 25% this year, up from 21% in the accounts published today.
Click here for a presentation on the company’s full year-results.
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