Novonesis Reports Strong H1 2024 Financial Performance
Novonesis Achieves 7% Organic Sales Growth in H1 2024
Novonesis has reported a strong organic pro forma sales growth of 7% in the first half of 2024, with impressive financial metrics contributing to an adjusted EBITDA margin of 35.3%. Amid maintaining a positive momentum, the company has revised its full-year expectations for sales growth, illustrating confidence in its operational strategies.
Key Financial Highlights
The financial performance for the first half of 2024 indicates growing operational success:
- Organic pro forma sales growth of 7%, with an 8% increase based on IFRS reported figures.
- In Q2, organic pro forma sales experienced a notable increase of 10%, with segments such as Food & Health Biosolutions growing at 9% and Planetary Health Biosolutions at 11%.
- The pro forma adjusted EBITDA margin recorded was 35.3%, alongside an H1 adjusted EBITDA on an IFRS basis of 35.5%.
- A strong cash flow from operating activities was noted, amounting to EUR 540.7 million, which includes ancillary items.
- Integration processes are progressing effectively, with cost synergies running at an 80% run-rate, and sales synergies expected to enhance contributions starting in 2025.
- The company has established a comprehensive organizational structure across its regions and functions.
- An interim dividend for 2024 has been approved, set at DKK 2.00/share (EUR 0.27).
Leadership Insights
Ester Baiget, President & CEO of Novonesis, remarked, “We are executing strongly across the business, and I am very pleased with the first half-year performance delivering broad-based organic sales growth and a robust adjusted EBITDA margin. We have increased full-year expectations to an organic sales growth of 7-8% with an adjusted EBITDA margin forecast of 35.5%-36.5%. The realization of synergies remains a priority, and we are seeing good integration progress along with high employee engagement.”
Sales and Financial Performance Breakdown
In detail, Novonesis achieved a pro forma organic sales growth of 7% for H1 2024, driven by a volume increase of approximately 5% and a pricing contribution of around 2%. The total pro forma sales reached EUR 1,943.7 million, reflecting a 5% overall increase, while emerging markets demonstrated a robust growth of 15% organically, contrasting with a 3% rise in developed markets.
- For the Food & Health Biosolutions segment, there was a pro forma organic sales growth of 6% for H1 2024, with pro forma sales totaling EUR 875.5 million.
- The Planetary Health Biosolutions segment saw a pro forma organic sales growth of 8%, with sales amounting to EUR 1,068.2 million.
Outlook for 2024
Looking ahead, Novonesis has adjusted its full-year sales and profitability outlook in response to the solid performance observed in the first half of the year. Expectations for pro forma organic sales growth are now projected at 7-8%, with a predicted pro forma adjusted EBITDA margin of 35.5%-36.5% for the full year. Both the Food & Health Biosolutions and Planetary Health Biosolutions segments are anticipated to achieve growth that aligns with group expectations.
Frequently Asked Questions
What is the organic sales growth for Novonesis in H1 2024?
Novonesis reported a 7% organic pro forma sales growth in the first half of 2024.
What was the adjusted EBITDA margin for Novonesis?
The adjusted EBITDA margin recorded for the first half was 35.3% on a pro forma basis.
How did the financial performance compare to expectations?
The company surpassed previous sales expectations and has raised its full-year outlook based on strong operating momentum.
What segments showed growth in H1 2024?
Both Food & Health Biosolutions and Planetary Health Biosolutions showed positive growth, with organic sales growth of 6% and 8%, respectively.
What is the interim dividend rate announced by Novonesis?
The interim dividend for 2024 is set at DKK 2.00/share (EUR 0.27).
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