Haldor Topsoe’s 16% revenue growth in 2020 driven by tech and catalysts demand

In Denmark, Haldor Topsoe reports that in the first half year of 2020, revenue increased by 16% to DKK 3,202 million compared to the first half of 2019, while EBIT decreased by 5% to DKK 419 million. The revenue growth was driven by high demand for Topsoe’s technologies and catalysts even while order intake was reduced during COVID-19 pandemic.

When adjusting for special items in 2019, EBIT increased by 12%, or DKK 44 million.

The order backlog at June 30, 2020, was DKK 5,101 million, an increase of 18% compared to June 30, 2019. However, technology order intake has decreased during the COVID-19 pandemic.

The global COVID-19 pandemic is expected to have a negative impact on Topsoe’s business due to fewer or postponed technology orders.

The full-year 2020 revenue outlook range remains unchanged at DKK 5,900-6,300 million. The adjusted EBIT margin outlook for the full year 2020 is also unchanged in the range of 12-14%. The outlook can be adversely impacted by geopolitical risks and the effects of the COVID-19 pandemic.

“We are very satisfied with the results we have achieved in the first half of 2020. Both revenue and adjusted EBIT have grown significantly, driven primarily by our solutions in clean and renewable fuels. I am proud that our company is rewarded by customers for taking an active role in the green transformation. Our solutions help chemical companies and refineries comply with environmental regulations in a sustainable and financially viable way. This is vital for our customers’ businesses and helps the climate and the environment here and now.”