Schouw & Co announced the best half-year operating result in company history. Developments in second quarter underpin the expectations for 2012, which were significantly revised upwards after the interim report for the first quarter.

Consolidated revenue was up by 24% from DKK 4,949 million in H1 2011 to DKK 6,130 million in H1 2012. Most of the improvement originated from BioMar, but all of the Group's wholly owned companies reported revenue improvements.

EBIT more than doubled from DKK 157 million in H1 2011 to DKK 333 million in H1 2012. Like the revenue improvement, the stronger earnings were driven mainly by BioMar, but Fibertex Nonwovens, Hydra-Grene and Martin also contributed.

Overall, the companies of the Schouw & Co. Group reported very good financial results in the first quarter of 2012 relative to previous years, and the good performance of the quarter made us upgrade our full-year profit guidance in the Q1 interim report.

Most of our companies reported a Q2 2012 performance in line with the expectations that formed the basis for the FY profit upgrade. For Fibertex Nonwovens, the Q2 2012 performance has further fuelled expectations for the full-year results.

Overall, Schouw & Co. expects to generate consolidated revenue of just over DKK 13 billion in 2012. The revenue may change quite substantially due to changes in raw materials prices, without necessarily having any notable effect on profit.

The FY 2012 EBIT forecast is also unchanged at the range of DKK 720–800 million, which is a further step up from the substantial EBIT improvement to DKK 646 million in 2011 from DKK 369 million in 2010.

Higlights

•Good performance supporting the upgraded guidance from the Q1 2012 interim report.
•Revenue improved by 24% to DKK 6,130 million, driven by improvements in all of our businesses.
•EBIT more than doubled to DKK 333 million.
•Profit before tax improved to DKK 186 million.
•The full-year EBIT forecast is maintained at the range of DKK 720-800 million