CropEnergies grows in third quarter and increases forecast

German biofuels producer CropEnergies has increased its forecast for revenue growth next year on the back of strong third quarter results,

In the first nine months of the financial year 2016/17, the company generated revenues of €558 million, which were slightly above the previous year’s level. This was possible because of a jump in revenues to €215 (previous year: €168m) in the third quarter.

Operating profit reached €59 million (previous year: € 63m) after nine months and was slightly lower than in the previous year. The 3rd quarter contributed €18 million (previous year: €24m) to the result, which was significantly lower than in the previous year, but higher than expected.

Against the background of these positive developments, CropEnergies said it is increasing its forecast for the current financial year and now expects revenues between €760 million and €790 million (previously: €670m to €720m) and an operating profit in a range of €70 to €85 million (previously: €50 to €80m).

The full report for the first nine months of the financial year 2016/17 will be published on 11 January 2017.

At the start of October, 2016, the company reported that bioethanol production at CropEnergies increased from 422,000m³ to 450,000 m³ in H1 2016/17, with the production of food and animal products correspondingly increasing.

The rise in production volumes resulted from a higher capacity utilisation mainly due to the restart of the production plant in Wilton, UK, in July 2016 which, thanks to the technical modifications that have been carried out, now has an improved process stability and energy efficiency.

A spokeswoman from CropEnergies told Biofuels International that the Wilton plant was “running well”.

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