Eurofins forecast revenue milestone on food safety fears
Based on sales results to date and following discussions with clients, the company decided to increase its sales and profit outlook to €1bn by 2013.
Revenue of €800m for 2011 is expected to rise to €900m for 2012 and €1bn by 2013 – an overall increase of around 25%.
Eurofins has attributed the improved sales outlook, which was announced at the company’s Annual Investor Day, to its recent spate of acquisitions and growing food safety concern in the food sector.
A series of food safety issues, including the recent E.coli outbreak in Germany and the on-going listeria contamination in the US, have fuelled growing concern across the food production and packaging sectors.
Large investment
Eurofins, which provides food and environmental testing for food sector organisations such as farmers associations, trade organisations, retailers and multi-national food manufacturers, hopes to offer food safety testing in a “broader and more cost effective manner” through several recent acquisitions.
Eurofins said: “As a result of the very large investments in state-of-the-art, efficient laboratories in the last five years, profits are expected to continue to increase.”
They recently announced an acquisition agreement with the Fondation Institut Pasteur de Lille (IPL) for two of its environmental subsidiaries – IPL Invest and IPL Santé Environnement Durable Nord (IPL SED Nord).
The agreement was made just a week after the opening of a new food testing facility in Nantes.
Growth
Eurofins spokesperson Pamela Antay previously told FoodProductionDaily.com how the acquisition of “more companies” meant it could “bring on board additional technical know-how or additional analytical methods.”
“We have a lot of scientist who are devising analytical methods and also through the companies and laboratories that we acquire and basically it’s a matter leading the market but also growing with the market.”
