Chr.Hansen Holding A/S (CPH: CHR), a leading global bioscience company that develops natural ingredient solutions for the food, nutritional, pharmaceutical and agricultural industries, reported on Thursday profit of EUR70m, or EPS of EUR0.53, for the third quarter of 2019/20, from 1 March 2020 to 31 March 2020. This was a 5% increase over profit of EUR66.5m, or a 6% increase over EPS of EUR0.50, in Q3 of the prior year.

Revenues for the quarter were EUR313.8m, up by 4% as compared with EUR302m in Q3 of the prior year. Organic revenues growth was 7%.

According to the company, COVID-19 impacts on revenues in Q3 were a net positive and in line with expectations.

The results were good as its business demonstrated resilience during the first volatile months since the outbreak of COVID-19 due to the company's essential natural ingredient solutions for the food, nutritional and agricultural industries. Customers increased safety stocks of essential ingredients in March 2020 and early April 2020, to carry them through potential supply chain disruptions and then inventories began to normalise late April and in May 2020.

Also, the company is maintaining its organic growth and EBIT margin guidance for the full year and has increased the free cash flow before acquisitions and special items, although macroeconomic and end-market uncertainty persist due to COVID-19.