September 15, 2009
Novozymes suffers H1 sales drop in currencies
Danish industrial enzymes producer Novozymes has suffered a drop of four percent in enzymes sales in local currencies in the first half of 2009, hit particularly by weaker sales to the US ethanol industry and the animal feed sector.
Despite so, the group's enzymes sales grew two percent in Danish currency during the period, reaching DKK3.79 billion (US$744.3 million).
Executive Vice President Peder Holk Nielsen, head of the enzymes business, remained upbeat and optimistic about the second half of 2009. He said the group have the ambition of turning the results around in the second half, as the underlying machine is performing well despite a lower top line than anticipated.
He reaffirmed Novozymes' long-term goal for organic sales growth of more than 10 percent annually, which will be back once the world economy starts to recover.
