Denmark's world-leading enzyme manufacturer Novozymes has posted a healthy set of H1 2007 results, showing sales up 7% and operating profits on ordinary activities up 9%. Novozymes' President and CEO Steen Riisgaard expressed satisfaction with results meeting expectations and commented on the positive organic growth achieved. Novozymes is maintaining its expectations for sales and operating profit for 2007, while the expectations for net profit are being adjusted upwards. The news was reported by financial daily newspaper Børsen and on Novozymes' website.
Novozymes has enjoyed a good slice of media attention this year, notably in February when President Bush visited the company's bioethanol research and production facility in Franklinton, North Carolina as part of a road show promoting the administration's "20 in 10" initiative to reduce gasoline consumption in America by 20% over 10 years. It was the first time that a sitting US president had visited a Danish-owned company.
During his tour of the company, President Bush was particularly taken with Novozymes' 2nd generation enzyme technologies for converting agricultural waste like wood chips and grasses into so-called "cellulosic" ethanol as a replacement for bioethanol produced from nutritional feedstuffs like corn. Demand for corn from the energy sector has been causing corn prices to rise, angering American hog raisers. The week after Bush's visit, the US Department of Energy announced USD 385 m in funding for 6 cellulosic bioethanol plants over the next four years.
Novozymes grabbed the headlines again in July, when it acquired the activities of Bangalore-based Biocon, India's leading company in the enzymes market - ahead of Novozymes itself. The move has not only strengthened Novozymes' opportunities for growth through Biocon's contacts and competencies, but also gives the company access to Biocon's enzymes for the production of juice, thus lifting its product portfolio significantly.
Headquartered in Bagsværd, a northern suburb of Copenhagen, Novozymes is the world’s largest and most diversified provider of industrial biotechnology, pioneering the replacement of chemicals with enzymes in a broad range of industries such as laundry detergents, animal feed and the biofuel industry. The company has topped the Dow Jones Sustainability Index for the past five consecutive years.