quotedcleantech

German bioethanol supplier CropEnergies saw significant growth in its revenues during the first nine months of its current financial year thanks to increased bioethanol production during the period as well as an improved performance from animal feed sales.

The firm’s revenues for the nine months to 30 November increased by 24% to €349 million, while operating profit improved to €32 million (Q1-Q3 2010: €4 million).

Frankfurt-listed CropEnergies is a leading European supplier of sustainably-produced bioethanol for the fuel sector and is a member of the ÖkoDAX index, which is composed of Germany’s ten largest listed renewable energy companies. The firm operates a ’next generation’ plant at Wanze in Belgium, where bioethanol is produced from starch-containing cereals and sugar syrups. By-products from the bioethanol production process are marketed as food and animal feed products.

CropEnergies has increased its forecast for revenues and profits for its full 2010/2011 financial year. Revenues are now estimated to grow by approximately 20% to €440 million (2010: €374 million) while operating profit is expected to more than triple to €40 million (2010: €12 million).

CropEnergies’ shares reached a twelve month high of €5.78 in late December, valuing the company at €491 million.

Founded as a subsidiary of German food group Südzucker, CropEnergies has increased its revenue sevenfold in the five years since it went public in 2006. The firm sees itself as a pioneer in the German bioethanol market and is expanding its market position throughout Europe with subsidiaries in Belgium and France.