Natural ingredients such as food cultures, probiotics, enzymes and natural colours supplier chr. Hansen (OMX: CHR) reported quarterly earnings for the third quarter of 2010/2011. The accounts were strong with 19% revenue growth year-to-date, resulting in revenue of 474 million Euro and an operating margin of 25%.
The company upgrades organic revenue growth prognosis slightly. The EBIT margin is under some pressure as a result of the natural colours segment growth and is now expected to be at or above 25% as opposed to earlier wording of above 25%.
The main driver behind continued good development is continued move from synthetic to natural colours. Cultures & Enzymes division is not performing quite so outstandingly. In addition to margin issues, markets are speculating that PAI Partners will again reduce its stake and chr Hansen closed down 2.4%.
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