Agrana ups annual forecast after strong Q1 results

By Helen Glaberson

- Last updated on GMT

Related tags Wheat

Bakery ingredients supplier Agrana has increased its 2011 forecast across all its segments following positive Q1 results.

The group said it benefited from price hikes in sugar, fruit and starch segments in the first three months of this business year.

For the opening quarter of the 2011/12, the firm boosted its operating profit from approximately €34m to €62m.

All three divisions: sugar, starch and fruit contributed to the positive earnings, said the firm.

In addition, Agrana said its optimisation programme initiated in the previous years had a positive impact on the pre-exceptionals operating profit.

The group will publish its full Q1 results on 14 July 2011.

Positive 2010 results

Agrana posted an optimistic 2011/2012 outlook last month after the firm reported positive 2010/11 results.

Operating profit jumped up for sugar, fruit and starch, with a 39.4 per cent growth for the financial year, from €91.9m to €128.1m.

“In a year made challenging by the extremely volatile world market prices, Agrana has delivered very attractive results,”​ said CEO Johann Marihart.

“This demonstrates the appropriateness of our investments in the last several years and shows that we took the right strategic and organisational measures. Exploiting synergies between our business activities was and remains a key factor in our sustained success.”

New investment

This year, the firm entered the wheat gluten market with a €56m investment in a new plant in Pischelsdorf, Austria.

The factory will produce 23,500 tonnes of wheat starch for the bakery and pet food industries.

A spokesperson for Agrana told that the introduction of wheat gluten to its portfolio will allow the company to help meet increasing demand for protein.

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