Fagron realised organic turnover growth of 8.5%
August 03 2018 - 1:00AM
Regulated information | Consolidated
results for the first semester of 2018
Nazareth (Belgium)/Rotterdam (the Netherlands), 3 August 2018
Fagron realised organic turnover
growth of 8.5%
Organic turnover growth in all
regions
Growth acceleration in North and
South America in Q2
Key points - Financial
-
REBITDA[1]
increased by 1.1% (+6.9% at constant exchange
rates) to € 48.7 million
-
Recurrent net profit increased
by 6.6% to € 22.3 million
-
Operational cash flow of € 34.4
million
-
Net financial debt/REBITDA
ratio of 2.72
Strategic - operational
-
Expansion of organization to
further accelerate growth
-
Launch of greenfield operations
in Canada in Q2
-
25 innovations introduced at
Consulfarma in Brazil
-
Sterile compounding facility in
Wichita (USA) has licenses in 49 states
-
Co-optation of Judy Martins as
non-executive director of Fagron
Rafael Padilla,
CEO of Fagron: "Fagron performed strong in the
first semester of 2018. Organic turnover growth at constant
exchange rates increased with 8.5% compared to the same period last
year. In the second quarter of 2018, we see a clear growth
acceleration. Organic turnover at constant exchange rates increased
by 10.0% in the second quarter, driven mainly by our operations in
North America and South America. The profitability of our
activities in Europe and South America remained strong. In North
America, we significantly invested in the first semester and
recruited 43 new employees to accelerate the product range in the
503B facility in Wichita, to take full advantage of the growth
opportunities in the sterile compounding market in the United
States.
The sterile
activities in the United States performed excellent in the first
semester of 2018. Turnover against constant exchange rates
increased by 27.5%. The strong growth of the 503B facilities in
Wichita is driven by an increase in the number of clients, the
accelerated growth of the product range, as well as the increased
monitoring of 503B-facilities on compliance with requirements by
the regulatory authorities. We are pleased that the new 503B
facility in Wichita in 2018 received licenses from the states of
California and Indiana, bringing the number of licenses to 49
now.
The sale of
Essentials and Brands for compounding in the US increased by 7.6%
in the first semester of 2018 compared to the same period last
year. All activities contributed to the increase in turnover. In
the second quarter of 2018, we made good progress with the
integration of the American Humco, which was acquired by Fagron in
early April 2018. With the integration of Humco, we created a
strong platform in order to further strengthen our market position
in the USA. In the third quarter, the first
innovative pharmaceutical branded products and vehicles from Humco
will be introduced in Europe and South America.
The organic
turnover growth at constant exchange rates in South America
amounted to 13.3% and was mainly driven by the strong growth of the
underlying markets and the focus on the development and
introduction of innovative products and patented concepts. This
focus has resulted in strong growth of Brands in the first semester
of 2018.
The strategic
focus initiated at the end of 2017 on the development and
introduction of distinctive innovative products is clearly
successful in Europe. The percentage of Brands increased from 8.2%
to 10.6%. In Europe, we have invested in further increasing the
quality of our facilities and processes, a core value on which
Fagron distinguishes itself from its competitors.
We look forward
with confidence to the remainder of the year and expect that we can
continue the positive trend of the first semester in the second
semester of 2018."
[1] EBITDA
before non-recurring result.
Please open the link below for the press
release:
Fagron realised organic turnover growth of
8.5%
Please open the link below for the interim
financial statements:
Interim financial statements first
semester 2018
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Fagron NV via Globenewswire
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