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Media Centre >> Press Releases Archive >> 2013-05-07

First quarter results provide solid start to 2013

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Tuesday, May 7, 2013

  • Revenues increased over 20% year-on-year to EUR 270m.
  • Organic growth of about 6% despite the harsher winter and fewer working days compared to last year.  Adjusting for the fewer working days during the quarter, organic growth was over 9%.
  • Growth in food testing remained solid as Eurofins leverages its leading position and technological edge to further expand its share in core markets and enter new, fast-growing geographies (e.g. Chile).
  • Pharmaceutical testing achieved strong growth driven by market leadership in most of its existing activities, and the Group's entry into new markets (e.g. discovery pharmacology).
  • Environmental testing had a slower start to the year due to the severe winter in Europe and the continued challenges in restructuring IPL in France.
  • 6 acquisitions completed in the first quarter to either strengthen Eurofins' market leadership or enter new geographies.

Comments from the CEO, Dr. Gilles Martin:"The results achieved in the first quarter show that we are off to a good start. Despite a seasonally quiet period and severe weather conditions in Q1 2013, we managed to drive revenues above our objective. This strong performance reinforces our confidence of achieving our revenue objectives of EUR 1.2bn for the full year 2013, and EUR 2bn by 2017." 

Q1 2013 EURm

Q1 2013

Q1 2012

% Growth

Eurofins Group Revenues

269.7

224.1

20.3%

Eurofins made a positive start to the year, with growth rates remaining robust across most of the Group's markets. During the first quarter, Eurofins generated almost EUR 270m in revenues, an increase of over 20% compared to Q1 2012. The Group achieved organic growth of about 6% on a reported basis, versus our 5% mid-term objective, despite the adverse impact of the prolonged winter in Europe, and 2 working days less compared to Q1 in the previous year.  The negative calendar effect in Q1 2013 was due to the 1st of January and Good Friday (Easter) falling on weekdays in Q1 this year, compared to last year when they fell on a weekend and in Q2 respectively. Also, February had one day less this year compared to 2012, which was a leap year.  Adjusting for this calendar effect, organic growth stood at over 9%.

Eurofins' largest markets, US and Germany (24% and 17% of Group revenues respectively), both achieved double-digit organic growth, as did the UK (6% of Group revenues), driven by market share gains. In France, the impact of the strategic restructuring and reorganization of IPL was partly offset by the strong organic growth generated by the rest of the Group's activities in that country, namely food testing, and all environmental testing excluding IPL. The Nordic countries were negatively affected by the severe winter weather, limiting some environmental testing activities. However, Eurofins is optimistic that this should normalize for the remainder of the year. Finally, the Group's activities in emerging markets and the Asia Pacific region continue to gain ground, and now make up nearly 10% of Group revenues.

Eurofins completed 6 acquisitions during the first quarter to strengthen our position in existing markets or further expand our footprint into rapidly-growing countries. Despite the multiple acquisitions and ongoing network investments, there has been no substantial change in the Company's balance sheet during the quarter.

Overall, the Group's good performance in the seasonally weaker first quarter allows management to maintain its positive outlook for the full year 2013.

For more information, please visit www.eurofins.com or contact:

Eurofins Investor Relations

Phone: +32 2 766 1620

E-mail: ir@eurofins.com

Notes for the editor:

Eurofins - a global leader in bio-analysis

Eurofins Scientific is the world leader in food and pharmaceutical products testing. It is also number one in the world in the field of environmental laboratory services and one of the global market leaders in agroscience, genomics, discovery pharmacology and central laboratory services.

With over 13,000 staff in more than 170 laboratories across 35 countries, Eurofins offers a portfolio of over 100,000 reliable analytical methods for evaluating the safety, identity, composition, authenticity, origin and purity of biological substances and products. The Group provides its customers with high-quality services, accurate results in time and expert advice by its highly qualified staff.

Eurofins is committed to pursuing its dynamic growth strategy by expanding 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 and analytical chemistry 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 expanding demands of regulatory authorities around the world.

The shares of Eurofins Scientific are listed on the NYSE Euronext Paris Stock Exchange (ISIN FR0000038259, Reuters EUFI.PA, Bloomberg ERF FP).

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’ management 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.