Germany-based Bayer CropScience has reported that sales grew 9.5 per cent to a record €6.4bn during 2008, up from €5.8bn in 2007, with earnings before interest, taxation, depreciation and amortisation (EBITDA) improving 21.1 per cent to €1.6bn. The currency and portfolio-adjusted increased by 13.9 per cent through the year.
Growth at the seed and biotechnology specialist was driven by expansion in the crop protection segment, with sales up 11.7 per cent to €5.3bn – a result of the positive market environment and more favourable weather patterns than the previous year.
Sales in the environmental science/bioscience segment remained stable at €1.04bn, an expansion of 2.8 per cent on a currency and portfolio-adjusted basis, although adverse weather conditions and lower North American sales hit environmental sales specifically to the tune of a 7 per cent drop.
'Bayer CropScience achieved the best performance in the history of our crop protection business,' said management board chairman Werner Wenning at a press conference in Leverkusen, Germany.
Overall results for the Bayer Group saw group sales rise 1.6 per cent to €32.9bn, up from €32.3bn in 2007, with the CropScience and HealthCare segments the main growth drivers.
'From an operational standpoint, 2008 was the most successful year in Bayer's long history,' Mr Wenning added. 'Our corporate strategy is proving effective even in a difficult environment.'
