Broader customer base boosts BioMar profit
FEED giant BioMar has reported record revenue and earnings for 2019, despite competitiveness in the salmon feed market.
The Danish company said its best ever results showed EBITDA increasing by 15 per cent compared to 2018, from 713 million Danish kroner (£82 million) to DKK 966 million (£113 million).
At the same time, revenue increased by eight per cent – from DKK 10,328 million to DKK 11,180 million, mainly driven by the salmon division.
This was based on ‘innovative product offering and close collaboration with customers around advanced feed solutions’, the company said.
BioMar CEO Carlos Diaz said: ‘It is a great achievement for the entire group, that we have turned an ambitious strategy into tangible results.
‘We have, during the last year, expanded capacity and global presence. At the same time, we have gone through extensive structural and organisational changes.
‘These initiatives are now filtering through to results in the shape of an ability to serve a broader customer base, better price/volume balance.’