By Andrea Figueras
Shares in Azelis Group experienced a decline today after the company’s Chief Executive Officer, Joachim Mueller, announced his retirement, effective at the end of this year. In addition, the company reported a decrease in net profit for the first half of the year.
Leadership Changes and Appointments
Azelis, a Belgium-based distributor of chemicals and food ingredients, has appointed Anna Bertona, the current head of Azelis’s operations in Europe, the Middle East, and Africa, as the new CEO, starting from January 1. Mueller has made the decision to retire after successfully leading the company for over a decade.
For the first half of this year, Azelis posted a net income of 103.5 million euros ($113.2 million), a decrease from EUR138.8 million in the same period last year. However, the company’s revenue saw positive growth, rising by 6.1% to EUR2.14 billion.
The company attributed the revenue growth mainly to acquisitions, which compensated for slower market growth in certain sectors.
Adjusted earnings before interest, taxes, and amortization (Ebita) also experienced an increase of 8.6%, reaching EUR263.4 million. This growth was supported by higher margins achieved during this period.
While Azelis reported mostly positive financial results, its adjusted Ebita in the second quarter was below expectations. Analyst David Kerstens from Jefferies noted that this outcome may lead to downward revisions of consensus expectations.
Despite some challenges in the second quarter, Azelis remains optimistic about achieving its mid-term annual revenue growth target. Furthermore, the company is confident in its ability to expand its adjusted Ebita margin by 2023.