NATUREX : 2010 first quarter results: strong growth and excellent margins

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In ¤ million
IFRS - Pre-audit data
Q1 2009 consolidated Q1 2010 consolidated FY 2009 proforma
Revenue 27.5 51.7 186.1
Gross margin NC 28.6 103.2
as a % of revenue 55.4 % 55.5 %
Operating income NC 5.3 16.8
as a % of revenue 10.4 % 9.0 %
Net financial debt expense NC (1.1) (5.3)
Other financial income and expenses NC (0.4) (0.2)
Tax NC (1.4) (3.3)
Income from companies accounted for by the equity method NC - (1.2)
Consolidated net income NC 2.4 6.8
as a % of revenue 4.7 % 3.7 %
Average US dollar exchange rate 1.3020 1.3899 1.3876

To improve its financial communications even further, Naturex now publishes its quarterly results but has no comparable figures for 2009.

Avignon - May 18, 2010. Global leader in specialty plant-based natural ingredients, Naturex has gotten off to an excellent start in 2010. Bolstered by the integration of the Ingredients division of Natraceutical Group, revenues at the end of March amounted to ¤ 51.7 million, up 87.6% on the first quarter of 2009. At constant scope and in constant currencies, revenues were up 7.4%, which is entirely in line with the Group's forecasts for the year as a whole (+5% to +10% like-for-like).

At comparable scope, Naturex enjoyed sustained first-quarter growth across all of its business divisions. Food & Beverage now accounts for 58.8% of Group sales, Nutrition & Health for 35.7% and Personal Care for 1.3%. The integration of the Ingredients division of Natraceutical Group has led to a major change in the geographic breakdown of sales, with Europe and Africa now accounting for 52.9% of Group activity, North and South America for 35.0%, and the Asia/Pacific region for 12.1%.

Naturex's gross margin for the first three months of 2010 stood at 55.4%, which is consistent with the margin generated by the new entity in 2009 (proforma gross margin of 55.5%). Operating income came in at ¤ 5.3 million, namely 10.4% of revenues for the quarter. Already a marked improvement on the Group's proforma operating margin for 2009 (9.0%), it fully endorses Naturex's aim and ability to significantly improve its earnings as of 2010.

Net of financial expenses and taxes, Group net profit stood at ¤ 2.4 million.

Commenting on the figures, Jacques Dikansky, President and CEO and founder of Naturex, said: "The Group's results at the end of March are extremely positive as they confirm both the commercial success of our new entity and a very promising underlying market trend. They also reflect very encouraging margins, particularly since the benefits of the streamlining measures gradually implemented during the integration of the Ingredients division of Natraceutical Group have yet to kick in. We are fully on track to meeting our targets for the year, in terms of both business growth and earnings".

Naturex will publish its revenues for the first half of 2010 on July 27, after the close of the markets.

If you would like to receive financial information about Naturex by e-mail, go to: www.actusnews.com

NATUREX has been listed on segment B of Euronext Paris since October 1996.

Number of shares: 6,364,000 (4,843,597 ordinary shares and 1,520,403 preferential shares).

ISIN: FR0000054694 - Reuters: NATU.PA - Bloomberg: NRX:FP.

www.naturex.com

About Naturex:

Naturex is the global leader in specialty plant-based natural ingredients. The company produces and markets natural ingredients for the food, nutraceutical, pharmaceutical and cosmetic industries. The Group has three strategic divisions: Food & Beverage, Nutrition & Heath and Personal Care.

Naturex's sound performance is linked to the fast-growing demand for natural ingredients and its capacity to provide manufacturers with the means to meet the requirements of their end consumers. Its strength lies in its ability to position itself on specific products which constitute niche markets.

Based in Avignon, the Group employs around 900 people and realizes over 90% of its sales overseas. Naturex has production units across Europe (France, Italy, Spain, the United Kingdom and Switzerland), as well as in Morocco, the United States, Brazil and Australia. It also has 15 sales offices located in Europe, the United States and Asia.

Naturex contacts:

Jacques Dikansky, President and CEO, Tel. +33 (0)4 90 23 96 89, naturex@naturex.com

Thierry Lambert, Vice-President and CFO, Tel. +33 (0)4 90 23 96 89, t.lambert@naturex.com

Actus contacts:

Laurence Marquézy, Investor Relations, Tel. + 33 (0)1 72 74 82 23, lmarquezy@actus.fr

Anne Catherine Bonjour, Press Relations, Tel. + 33 (0)1 53 67 36 93, acbonjour@actus.fr

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