CEO Matti Rihko's review Q2/2015
"Raisio continued its strong performance in an intense competitive situation. Raisio's EBIT of
EUR 14 million is the fourth consecutive quarterly result better than the comparison period and also the best quarterly result for the current Raisio.
The most significant part of the improved EBIT results from the acquisition of Benecol consumer product business in the UK, Ireland and Belgium in November 2014. In Poland, profitability of the Benecol business improved due to our streamlining efforts. Benecol's launch in China, in turn, opened the door to the market of the world's most populated country. It also supports Benecol's strategically important expansion to new and growing markets of Asia after the South-Korean launch in February 2015.
EBIT for the UK Cereal & Snack business was positive and clearly better than in the comparison period. We continue to assess the operating conditions for the UK cereal business so that we could improve its profitability and study its future alternatives. In the review period, the production of savoury snacks was discontinued at the Southall factory, which will ensure better focus on the product range in line with the strategy.
During 2015, we have carried out significant development work at Benemilk to expand and strengthen its IPR. Currently, the portfolio contains nearly 30 patent applications, which makes it one of the world's strongest patent portfolios in cattle feed. With the Science Advisory Board that started in spring 2015, Benemilk team involves some of the world's best scientific experts.
Our good activity level with partner candidates continued and Benemilk is preparing to carry out a number of feeding trials by the end of 2015."