Gerresheimer 2010 results boosted by personal care
The Germany-based company reported that full year results saw sales grow on a like-for-like basis by 5.6 per cent to reach €1.02bn, however, on a reported basis the comparison was relatively flat on the back of currency exchange rates.
Half way through 2010 the company had upped its sales forecast for the full financial year, stating that growth would come in at between 3 to 4 per cent at constant exchange rates, compared to predictions of 2 to 4 per cent at the start of the year.
At the beginning of the financial year the company expressed ‘concern’ over its life science and cosmetics sales, further stating that the outlook for the rest of the year was ‘uncertain’
Mid-year spelt recovery for cosmetics
But a recovery in some of its weaker categories by mid-year, including cosmetics packaging, led executives to raise financial expectations accordingly.
“The financial year 2010 was very successful for us,” said CEO Uwe Röhrhoff, who also pointed out that, as well as the company’s mainstay pharma operations being robust, the company’s personal care operations had also undergone a marked recovery.
Gerresheimer was hard hit by the downturn in 2009, which is reflected in the comparison figures this year. As a consequence, the net profit for 2010 showed an even more pronounced improvement, growing from €7.0m in 2009, to reach a figure of $46.7m.
Cosmetics a growth market
The group, which comprises of four divisions – tubular glass, plastic systems, moulded glass and life sciences – has been diversifying away from its main focus supplying the pharmaceuticals industry, with one of the expansion areas being personal care.
“In 2010 we achieved our targets and even exceeded some of them,“ said Röhrhoff, who also pointed out that the emerging markets are likely to play an increasingly important role for the company this year.
“We want to grow our revenues substantially in these markets, and to double them by 2013 to 200m euros”, Röhrhoff added.
