Nutreco half-year revenues down 8.5 percent

Nutreco's half-year revenue declined 8.5 percent on-year to EUR2.1 billion (US$2.9 billion) but the performance was in line with the company outlook.

The decrease was mainly due to seven-percent lower volumes. EBITA reached EUR41.6 million (US$58.6 million).

The company's agreed acquisition of 12 compound feed plants from Cargill in Spain and Portugal is expected to strengthen its leading market position.

Company-wide programmes to reduce working capital and operational costs are contributing to the result. Nutreco secured financing with a syndicated loan and a private placement and maintained a strong balance sheet.