Corbion reports challenging trading with annual results
Ingredients company Corbion has reported challenging market conditions, with sales of € 891.7 million in 2017, decreasing 2.2% against figures for 2016.
However, the business confirmed there was sales growth in Q4 of last year of 0.4%, though EBITDA excluding one off items last year decreased by 3.5%, to €164.1 million.
The company has a number of confectionery applications within its portfolio, including its Purac powder designed to enhance sourness in and natural fruit flavours in hard candy, as well as its Purasal buffering salts for sweets developed to prevent sugar inversion.
Despite the mixed picture of its 2017 results, the company acquired San-Francisco-based speciality ingredients business TerraVia, which harnesses microalgae for oils, structured fat and proteins used within the food sector. Corbion also confirmed last month that it is in discussion to further expand its activities as it enters discussions with Brazilian company SB Renewable Oils.
Tjerk de Ruiter, CEO of Corbion (pictured), explained the company had seen signs of positivity in the final period of last year.
He said: “I am pleased to see the positive sales momentum continuing in Ingredient Solutions in the second half of 2017. Our performance in 2017 was satisfactory, except for the volume developments in bakery. Growth in meat and biochemicals was encouraging. We accelerated our efforts in Innovation Platforms with the establishment of the Total Corbion PLA joint venture, and the acquisition of an algae ingredients platform. In November we presented our ‘Creating Sustainable Growth’ strategy for the 2018-2021 period.”