German food ingredients maker Südzucker has raised its outlook for its current financial year, following a better than expected performance between September and October.
Südzucker said today (22 November) that it now expects to post an increase in revenues to EUR6.8bn (US$9.19bn) compared to EUR6.2bn last year as well as an increase in group operating profit to EUR 750m, which was EUR519m last year.
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A statement on the company’s website said: “The increase of projections is being driven predominantly by the sugar segment, which currently benefits within the European sugar market from volatile world market prices.”
Südzucker reported 23% increase in operating profit to EUR347m for the six months to 31 August. In September analysts at MF Global said the fact that Südzucker’s guidance stayed the same was “disappointing”.
