Novozymes' US growth outlook dwindles
Surprisingly poor development in the US bioethanol market prompts Novozymes to downgrade its annual organic growth guidance to 3-5 percent against the prior spread of 3-6 percent.
Novozymes' bioenergy division had a surprisingly poor early 2019. With DKK 623 million (EUR 83.4 million) in divisional revenue, Q1 sales retreated by 8 percent relative to the same period last year, further contributing to an aggregated net result decline of almost DKK 100 million to DKK 697 million. This fall was the primary factor behind the downgraded organic growth guidance, adjusted from 3-6 to 3-5 percent, shows the company's first quarter interim report.
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