IMCD sees solid earnings growth amid 'challenging' macro environment
By Josh White
Date: Friday 16 Aug 2019
(Sharecast News) - Dutch speciality chemicals and food ingredients distributor IMCD reported a 19% improvement in gross profit to €312m (£284.86m) in its first half on Friday, or 18% on a constant currency basis.
The Amsterdam-listed company said its operating EBITA was up 17% to €123.1m, or 17% on a constant currency basis, with its net result before amortisation and non-recurring items growing 14% to €84.8m.
Cash earnings per share were 22% higher year-on-year at €1.60.
"The results of the first six months were satisfactory with good growth of EBITA and cash earnings per share," said chief executive officer Piet van der Slikke.
"Free cash flow was 50% higher than the same period last year."
Van der Slikke said notwithstanding the "good results", IMCD also experienced a "much more challenging" macro-economic environment in the second quarter which impacted growth, in particular in the EMEA geography, but with some slower growth reported in the Americas as well.
"Current market conditions are volatile and uncertain," he added.
"Despite this we expect operating EBITA growth for 2019."
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