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November 6, 2008
 
Provimi's sales increase 19.1 percent in Jan-Sep
 
Press Release
 
 

Provimi's sales grew 19.1 percent to EUR 1.652,1 million in the first nine months of 2008.
 

Volumes and sales showed an increase in all regions, with particularly strong growth in Brazil. The net impact of acquisitions and divestments was EUR 14.2 million negative, while exchange rates had a negative effect of EUR 3.1 million. On a like-for-like basis, sales growth was 20.4 percent over the period. The sales increase was largely due to the impact of higher raw material prices in the first half of the year.

 

Overall operating margins for the Group were negatively affected during the second half of the third quarter, notably as a result of the sharply decreasing commodity prices.

 

Pet food sales have continued to increase, driven by strong volumes in Central Europe, but margins remain under pressure.

 

Provimi is merging most of its French subsidiaries into Provimi France. This strategy should further improve the Group's product offers in the country and strengthen its position in the domestic premix and ruminant product market.

 

In September, Provimi acquired Biovet S.A., an independent premix producer in Colombia.

 

Ongoing raw material price volatility could continue to impact market conditions. The Group will continue its restructuring activities to improve efficiency and to adapt the organisation to the changing market conditions.

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