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Isagro on target for 2007
Jan. 15, 2008
Italian agrochemical company Isagro (Milan) expects 2007 results to be in line with expectations despite a fourth quarter slowdown. Sales for the year are estimated to have risen by 24% to Euro 193.7 million ($265.5 million). Fourth quarter sales are expected to be up by 3.9% to Euro 56.1 million. It estimates earnings before interest, tax, depreciation and amortisation (EBITDA) for the year to have more than doubled to Euro 18.1 million.
Isagro foresees more growth this year, but lower than anticipated in its business plan. Revenues would be up by 5% to Euro 203.6 million, according to the latest expectations. That would be 8% lower than the company had predicted. EBITDA for 2008 is expected to be up by a third on last year, some 17% below target. Net profit would be up from Euro 300,000 to Euro 2.5 million, but well short of the Euro 5.4 million target.
The company "reiterates its determination" to pursue its business plan targets in a -favourable agricultural market". But it cites market problems, such as the strengthening of the euro against the dollar, increased competition in the triazole fungicide market, and delays to important product registrations. However, its main product range, fungicides, is seen as the major growth segment for the next few years. "[We] seek alliances that could produce important synergies arising from the use of proprietary active ingredients," it says.
Source: AgroNews
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