Nine months into 2008 sales growth remains strong at 16% in local currencies. Earnings also developed well, with an operating margin of 18.5%. Expected full-year sales and earnings growth are increased in DKK due to improved exchange rates.
“Sales are outperforming our expectations, and it looks as if we will see the highest annual sales growth ever,” says Steen Riisgaard, President and CEO. “Despite the turbulent times the world is currently facing, our business continues to deliver strong sales and earnings performance. I'm very pleased with what seems to be a very strong year for Novozymes.”
Outlook for 2008
Novozymes increases its 2008 growth expectations in DKK due to favorable exchange rate levels. Assuming that exchange rates for the company’s key currencies remain at their current levels for the remainder of the year:
Note that growth in financial results is calculated excluding one-off item in 2007. See Appendices 9 and 10 for further details on the outlook.