EUROFINS SCIENTIFIC : Eurofins continues its growth in H1 2008


August 29, 2008

During the first six months of 2008 Eurofins has continued to follow its strategy of building a strong business for the long term. The underlying markets where Eurofins operates are healthy and show good levels of growth. At the same time the Group is currently in a phase of fast development that requires a high level of investment in acquisitions, building new laboratories and expanding and modernising existing facilities. By doing this now Eurofins has a window of opportunity to create a market-leading company with defendable competitive advantages on a global scale that will benefit customers, employees and shareholders alike.

Revenues for the half year rose 33% to EUR287.8m from EUR216.6m in H1 2007. This included organic growth of over 10% and means that the Group is on target to reach the EUR620m objective set at its Leadership conference in January. EBITDA and EBITAS* also increased strongly, the former reaching EUR31.1m (EUR24.3m H1 2007) and the latter rising to EUR14.5m (EUR12.6m H1 2007). Net profit attributable to the Group was EUR3.1m (EUR2.5m H1 2007).

The Under Development and Up to Standard perimeters both performed well during the first half of the year with overall organic growth of over 10% and profitability improving in both perimeters. There will of course be differences between the growth and improvement rates in the two perimeters due to normal quarter-by-quarter variations (new customers, outsourcing contracts, phasing of investment projects and start-ups) but as always it is the performance over the full year that matters. In the first half the Up to Standards perimeter reported sales of EUR153m and an EBITAS margin of 14.9%. In the Under Development perimeter, revenues were EUR135m and the business lost EUR8.2m in H1 2008, an improvement on the proforma loss at H1 2007 of EUR8.6m and also a quarterly improvement by around 20%.

The bioanalytical markets which Eurofins is serving are still strong and showing no signs of slowing down. This is due amongst other factors to legislation and regulation, consumer and customer demand and outsourcing of in-house laboratories. Eurofins has positioned itself to take advantage of this now and in the future. The integration of Analycen is progressing well in all three countries: Denmark, Sweden and Norway. Some small, in-fill acquisitions were made in the first half, notably Programma Ambiente in Italy, Institut Louise Blanquet in France and Defence Forensics in the UK. On top of all this a number of businesses around the Group are expanding their floor space and capacity in order to be able to cater for demand (organic growth). More will follow before the year end; currently this is happening at two sites in France and one each in the USA, Brazil and China.

The Group looks forward to the second half of the year, with continuing good progress both in sales and profitability. In fact Eurofins in the last couple of years has made between 60%-70% of its annual profits in this second half of the year, so is confident that with hard work it can reach its objectives for the year.

EBITAS - earnings before interest, tax, amortisation of intangible assets and non-cash charge for share options.

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Notes for the editor: Eurofins - a global leader in bio-analysis

Eurofins Scientific is a life sciences company operating internationally to provide a comprehensive range of analytical testing services to clients from a wide range of industries including the pharmaceutical, food and environmental sectors. With about 7,000 staff in more than 150 laboratories across 29 countries, Eurofins offers a portfolio of over 25,000 reliable analytical methods for evaluating the authenticity, origin, safety, identity, composition and purity of biological substances and products. The Group is committed to provide its customers with high quality services, accurate results in time and, if requested, expert advice by our highly qualified staff.

The Eurofins Group is one of the global market leaders in this field of applied life sciences. It intends to pursue its dynamic growth strategy and expand both its technology portfolio and its geographic reach. Through R&D, in-licensing and acquisitions, the Group draws on the latest developments in the field of biotechnology to offer its clients unique analytical solutions and the most comprehensive range of testing methods.

As one of the most innovative and quality oriented international players in its industry, Eurofins is ideally positioned to support its clients' increasingly stringent quality and safety standards and the demands of regulatory authorities around the world.

The shares of Eurofins Scientific are listed on the NYSE Euronext Paris (ISIN FR0000038259) and Frankfurt (WKN 910251) Stock Exchanges (Reuters EUFI.LN, Bloomberg ERF FP, ESF, EUFI.DE).

Important disclaimer: This press release contains forward-looking statements and estimates that involve risks and uncertainties. The forward-looking statements and estimates contained herein represent the judgement of Eurofins Scientific as of the date of this release. These forward-looking statements are not guarantees for future performance, and the forward-looking events discussed in this release may not occur. Eurofins Scientific disclaims any intent or obligation to update any of these forward-looking statements and estimates. All statements and estimates are made based on the data available to the Company as of the date of publication, but no guarantee can be made as to their validity.

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