Danish Novozymes (NVZMF.PK), a world leader in enzyme production which is used in biofuels among many other industries, reported the company grew earnings by 11% and grew sales by 8% in 2006, which was fully in line with expectations.
The company expects sales to grow by 7-9% in 2007 and earnings to grow by 5-7%.
“We are very satisfied with the results for 2006,” says Steen Riisgaard, President & CEO. “Sales developed as expected and, although the price trend for raw materials and energy worked against us, our productivity improvements enabled us to achieve higher earnings than originally expected.
Our earnings have reached the long-term financial targets, so during 2006 we increased the focus on accelerating growth in sales, both organic and through acquisitions. Our ambition is to achieve sales of DKK 10 billion in 2010. This is a very ambitious vision, requiring organic growth of 8-9% within the enzyme and microorganisms business, as well as further acquisitions. At the same time we are retaining the long-term financial targets.
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