July 27, 2011
Provimi announces "excellent performance" in H1 update
Provimi has announced "excellent financial performance" in their trading update for the first six months of the year to June 30 2011, and their positioning and capabilities are delivering "solid growth".
Provimi's revenues for H1 2011 are up 11.5% to EUR871 million (US$1.263 billion), and their gross margin is up 5.2% to EUR237 million (US$344 million). Earnings before interest, taxes, depreciation, and amortisation (EBITDA) is up 20.3% to EUR86 million (US$125 million), and the EBITDA margin is 9.9%.
Provimi's net debt position decreased by EUR218 million (US$316 million) since December 2010, and the company is on track to deliver the 2011 EBITDA target of EUR175 million (US$254 million), up 10.9% on the previous year.
The sale of Provimi's pet food division to Advent International was completed on June 9.
45.9% of Provimi's total EBITDA for H1 was contributed by "continued strong performance" in Latin America, Russia, and Asia, according to a press release.
Provimi also announced "strong, solid performance" in North America, with NASSA, Provimi's Mexican acquisition, continuing to "outperform expectations".
"We will continue to leverage and strengthen the capabilities that are required to deliver nutritional value to our customers worldwide," said Provimi chairman and Group Chief Executive Officer Ton van der Laan. "In the second half of the year, we will continue to accelerate the Group's performance."