CSM sees Q2 improvement

CSM Global has achieved higher sales in the second quarter of 2012, with preparatory work to divest its Bakery Supplies business under way.

The firm also saw an increase in EBITA, which, excluding one-off costs, stood at €41.4m (£32.66m) – up 14%.

Sales for Q2 rose 8.0% to €827m (£652.44m), while sales for the first half of the year increased 6.6% to €1,625.7m (£ £1,282.56m).

Gerard Hoetmer, chief executive officer, CSM, said: “We were successful in fully compensating higher raw materials costs in the second quarter. As we have covered most of our raw materials for the remainder of 2012, we are confident that this increased margin will also benefit our second half 2012 results.”

Earlier this year, CSM Global announced it would divest its Bakery Supplies business to reposition itself as a supplier of bio-based ingredients.

Hoetmer added that he expects the business to have made significant progress with these plans by early 2013.

Related news:

>>CSM to sell European bakery arm

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