Corbion set for worst day in 17 months on profitability drop, outlook cut

Corbion NV

10/08/2021 08:26

(Adds share move, more comments)
    ** Corbion  CORB.AS  falls more than 8% after the Dutch food
ingredients group posted EBITDA margin drop in H1 and cut margin
outlook for the whole year to 13-15% (vs >15% previously)
 urn:newsml:reuters.com:*:nASN001J8B
    ** "We are facing broad-based and rapid increases in our
input costs. Prices for freight and raw materials have increased
substantially", CEO Olivier Rigaud says
    ** The EBITDA margin disappointed, KBC says 
    ** Despite pricing actions, the group expects a margin
recovery to become visible only from 2022
    ** Corbion has reported H1 adj. EBITDA down by 8% to EUR
77.1 mln and the margin came at 15% compared to 17.0% a year ago
    ** The stock is on track for the worst day since March 2020


($1 = 0.8517 euros)

 (Reporting by Kate Entringer)
 ((kate.entringer@thomsonreuters.com))