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CropEnergies reports strong Q1 results

German biofuels producer CropEnergies has reported strong first quarter results.

In the company’s statement for the first quarter of the current financial year 2017/18 , CropEnergies said revenues increased by 38% to €231 million, compared to €168 million the year before.

The main reasons for the growth were the “significantly increased sales volumes of bioethanol as well as food and animal feed products”.

In the first three months of the financial year 2017/18, a total of 280,000 cubic metres of bioethanol were produced, compared to 203,000 cubic the previous year.

According to CropEnergies, this also led to an increase of the production of food and animal feed products. The increase of the production volumes was mainly due to the restart of the company’s bioethanol plant in Wilton, UK, at the start of this month.

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 18% year-on-year to €33.1 million. As a result of this, the company also generated a “significantly” higher operating profit.

Income from operations, as the sum of operating profit, earnings from entities consolidated at equity and special items, increased by 48% year-on-year to €23.2 million.

Against this background of these positive developments, CropEnergies has increased its forecast for revenue growth next year and now expects revenues in a range of €850 million to €900 million for the whole financial year 2017/18.

This story was written by Liz Gyekye, editor of Biofuels International.





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