New look BioMar upbeat as it delivers strong Q2 results
The large aquaculture feed company BioMar has issued its first quarterly report as a public listed company, with a rise in second quarter revenues.
The group, which began trading on the Copenhagen Stock Exchange in May, announced second quarter revenues of 4,164 million Danish kroner (DKK) (£476m), up from DKK 3,973 million (£454m) a year ago.
The EBIT was slightly down at DKK 250 million (£28.5m).
BioMar reports that against a backdrop of geopolitical uncertainty and raw material supply challenges, the company reports volume growth of 5%.
It said that while the feed business continued to perform strongly, the overall first-half results were partly impacted, as expected and planned, by transformation costs related to the strategic development of the technology business towards more direct sales and recurring revenue.
In parallel, the recently completed IPO (initial public offering) anticipated higher costs during the period.
The volume growth was mainly driven by the shrimp segment, while the salmon and selected species segments have been the main drivers of increased earnings due to changes in product mix and the impact from better capacity utilisation and what the company calls “commercial excellence” initiatives.
CEO “proud” of company’s performance
CEO Carlos Diaz said: “I am proud to see how our business continues to perform, delivering a strong ROIC (return on investment capital) of 23.2%.
“With a solid Q2, we have taken an important step into the high season, where our ability to formulate based on nutrients rather than specific raw materials will be put to the test. There is no longer any doubt that prices of marine raw materials will reach record-high levels, reinforcing the relevance of our advanced formulation capabilities.”
He added: “Over recent years, we have further strengthened our commercial excellence platform and enhanced our flexibility in raw material substitution.
“This enables us to continue delivering robust performance across our feed segments, with volume and earnings growth, while helping to mitigate the impact of market turbulence for our customers.”
CEO Diaz said it was encouraging to see the continued progress in transforming our aquaculture technology solutions business model into a structure based on recurring revenue and reduced dependence on distributors, while also investing to strengthen our future R&D capabilities.
He concluded: “At the same time, we are well underway with expanding capacity to support organic growth in the feed business in Ecuador and China. In many ways, this year represents a transition towards further growth, and I remain confident that we will once again deliver strong results while navigating a turbulent business environment.
“Based on our forecasts from the markets, we predicted that favourable biological farming conditions and our proven ability to navigate volatility in the raw material market will create a strong momentum for the business in the second half of the year. Hence, we have decided to upgrade the guidance for both volumes, revenue and EBIT for the year.”
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