Novozymes earnings up, despite currency fall; bioenergy sales rise

In Denmark, Novozymes reported 16% sales growth in Q1 2011, with acquisitions contributing approximately 5 %-points. EBIT grew by 19%, taking the EBIT margin to 23.6%. Despite the negative development in currencies compared to previous guidance, stronger operational performance allowed the company to maintain its EBIT growth forecast of 8–11% and an EBIT margin of around 22%. With a maintained EBIT growth expectation, and main currencies hedged, net profit is now expected to grow 10–13%.

Bioenergy Enzymes sales were up by 8% compared to the first quarter of 2010.