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.
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.