Feed producer reveals record results for 2019
Aquaculture feed manufacturer BioMar has reported record high revenue and earnings for 2019.
The Danish company’s EBITDA increase by 15% from DKK 713 million in 2018 to DKK 966m (£112.3m) last year.
Revenue rose by DKK 852m (8%) to DKK 11,180m, mainly driven by the salmon feed market.
“It is a great achievement for the entire group, that we have turned an ambitious strategy into tangible results,” said chief executive Carlos Diaz in a press release.
“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 as well as a range of advanced product offerings.
“Furthermore, we have expanded our portfolio of products designed in collaboration with our customers, tailored to target the growing end-consumer segment of people ready to choose products with a strong profile related to sustainability and health-benefits.”
BioMar said further capacity will be brought on stream this year. It is commissioning a new factory in Australia and a second factory in China will open once restrictions related to the coronavirus outbreak have been lifted.
The company said previously announced capacity expansions in Denmark and Ecuador increase the possibility to meet customer demands and open-up for new product offerings within extruded shrimp feed and RAS feed.
“We have the privilege to be 100% dedicated to aquaculture. I believe this will be an important differentiator in the future, enabling us to be agile in our customer collaboration and keeping the development of a sustainable and efficient industry as our main company purpose,” said Diaz.