US market continues to drive Naturex growth
half sales based on its increasing expansion into the US market.
The company, which first moved into the US with the acquisition of Brucia Plant Extracts in 2001, recently added to its portfolio by buying the rosemary business of Hauser.
After growth of 8.3 per cent in the first quarter (or 18 per cent excluding the currency factor), sales increased a further 41 per cent in the second quarter to €9.8 million, with the total turnover for the first half reaching €17.5 million, up 24.4 per cent on the previous year.
Naturex says good market growth in the US, particularly in the nutraceutcials sector is driving sales growth, also helped by a relaunched Brucia Plant Extracts business.
The company already generates half of its revenues in the US but the new rosemary business could expand this further. Included in accounts from April, it has already contributed 5.8 per cent of the first half growth and is said to currently be showing organic growth of 18.6 per cent.
Naturex is looking for a minimum 20 growth over the year and profits of between €2.4 and €2.7 million, or a 30-50 per cent increase.