Gerresheimer sees improvements in cosmetics sector
Sales grew by 6.8 per cent during the quarter to reach €268.8m, excluding the technical plastic systems business that was sold last year.
Profit from operations for the quarter totalled €24.8m up from €11.8m during the same period last year.
Outlook for cyclical cosmetics business difficult
After the publication of first quarter results earlier this year, the company expressed concern over the cosmetics and life sciences sectors of its business saying that although it expected growth from pharma for 2010, ‘the outlook for cosmetics and life science research is more difficult’.
However, the second quarter has seen an improvement in these ‘more cyclical’ businesses.
On the back of the positive results from the second quarter Gerresheimer has slightly raised the lower limit of its 2010 revenue guidance. It expects revenues to grow between 3 and 4 per cent during the 2010 financial year (at constant exchange rates), compared to previous estimates of 2 to 4 per cent.
"We want to remain on our profitable growth path. To this end we will push ahead with the globalisation of our business”, said the recently appointed CEO of Gerresheimer, Uwe Röhrhoff.
While the guidance for the overall business may have been improved slightly, the company still remains conservative regarding the performance of the cosmetics and life sciences research businesses.
“The market trend in the more cyclical segments of Cosmetics and Life Science Research (laboratory glassware) is, despite first signs of recovery, more difficult to assess,” the company said.
New CEO
Late last month the company appointed Uwe Röhroff as new CEO, replacing Dr Axel Herberg who held the position for ten years.
“We are delighted to have found in Uwe Röhrhoff the ideal CEO for Gerresheimer,” said supervisory board chairman Gerhard Schulze at the time of the appointment. “Mr. Röhrhoff stands for continuity and experience and enjoys the trust of customers and employees equally.”
