15 July 2010
As a result of more positive developments in its revenues and profitability than market expectations for the second quarter of 2010, Eurofins is publishing this ad-hoc release ahead of its full half-year report on the 30th August. Based on preliminary, unaudited figures most areas of the Group have seen a pick-up in activity in the last three months and the trend on a monthly basis is also encouraging. The very large investment programme of the last three years is also beginning to translate into more efficient and profitable laboratories.
The food and feed testing business continues to benefit from its resilience to wider economic conditions and is now well ahead of prior year comparable figures. Now that the very adverse Q1 weather conditions are over Eurofins' environmental laboratories are also seeing a return to better volumes and overall are now progressing towards expectations. In Eurofins Pharma Services the pick-up is more variable as there are still areas of softness in some of the markets in which Eurofins operates. Overall, growth in the second quarter was substantially higher than in the last four quarters.
Profitability has been even more encouraging and management is pleased to see that the combination of investment in modern, large-scale laboratories and the consolidation of the smaller and less-focused sites has started to show some tangible results. This applies in most areas of the business on an underlying basis as well as including the exceptional charges. This is all the more pleasing bearing in mind that the Group i) is still finalising its programme to bring up to standards its most recently acquired laboratories and ii) still has a number of start up laboratories that are progressing as planned but are consuming part of the EBITAS* generated by the mature laboratories. Reported EBITAS for Q2 2010 should be 100% higher than the same quarter last year.
Eurofins will now enter a close period and cannot comment any further until the scheduled publication of the half year report, which is due for release before the markets open on the 30th August 2010.
* EBITAS - Earnings before Interest, Tax, Amortisation of intangible assets related to acquisitions and impairment of goodwill and non-cash accounting charge for Stock options
For further information please contact:
Phone: +32-2-769 7383
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 8,000 staff in more than 150 laboratories across 30 countries, Eurofins offers a portfolio of over 40,000 reliable analytical methods for evaluating the authenticity, origin, safety, identity, composition and purity of biological substances and products. The Group is committed to providing its customers with high quality services, accurate results in time and, if requested, expert advice by its highly qualified staff.
The Eurofins Group is the world leader in food testing and one of the global market leaders in pharmaceuticals and environmental testing. It intends to pursue its dynamic growth strategy and expand both its technology portfolio and its geographic reach. Through R&D 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) Stock Exchange (Reuters EUFI.LN, Bloomberg ERF FP).
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.Information réglementée
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