15 February 2012 10:16 [Source: ICIS news]
LONDON (ICIS)--Swiss-based Clariant achieved its strongest profitability in more than 10 years in 2011, despite appreciation of the Swiss franc, the specialty chemicals company said on Wednesday.
Clariant said it had been a successful year for the company despite strong headwinds from currencies and a challenging business climate in the second half of 2011.
CEO Hariolf Kottman said: “Our company still achieved its best performance in more than 10 years. Sales grew 16% in local currencies and 4% in Swiss francs, mainly driven by acquisitions.
“In 2011, Clariant was heavily impacted by the unprecedented appreciation of the Swiss franc against the most important trading currencies, as reflected in an FX-related reduction of sales by nearly 900m.
Kottman added: “However, our competitiveness did not suffer due to our strong global footprint. This is also reflected in a strong EBITDA margin of 13.2% compared to the previous year’s 12.7% - […] this was the best profitability the company achieved in more than ten years.”
In 2011, Clariant’s net income grew by 31.4% year on year to Swiss francs (Swfr) 251m (€207.4m, $272.8m), while its sales rose by 3.5% to Swfr7.4bn.
The company said it is expecting the results for the first half of 2012 to be lower compared with the same period in the previous year and to see an improvement in the second half of the year.
($1 = Swfr0.92, €1 = Swfr1.21)
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