Fish feed supplier Nutreco reported a first half earnings of €94.1 million, before interest, taxes, depreciation and amortization. This a drop of 9.2 percent from 2012, were first half earnings were €103.6 million, mainly due to lower salmon feed demand in Norway.
Revenue for the first half, however, was increased 1.9 percent from 2012 to a total of €2.39 billion. Premix and Feed Specialties earnings also increased due to a focus on higher value-added nutritional solutions. Nutreco reported that it expects full year earnings to at least be in line with 2012 at €262.1 million.
Knut Nesse, CEO of Nutreco, said, "Nutreco's strategy is focused on the segments Premix and Feed Specialties and Fish Feed. In line with this strategy, we are currently investigating the best options to facilitate the growth and development of the compound feed and meat business in Spain and Portugal and of the people who work in it.
"Our fish feed results were impacted by lower seawater temperatures in Europe which caused a slow start to the year. In the second half of the year, growth is expected to be restored by higher demand, leading to modest organic volume growth for the full year. The acquisition of Gisis (shrimp and tilapia feed supplier) has been completed following unconditional approval from the Ecuadorian competition authorities which allows us to start integrating and building on this position in Latin America. In Egypt, we moved from a minority interest to full control of our tilapia feed business. Both investments support our strategy to expand in growth geographies as well as in fish feed for non-salmonid species."
