Evolva - Addressing the bottlenecks

Evolva's order intake in FY20 was over CHF10m for the first time, with market share gains across business segments and continued strong momentum in Health Ingredients. Due to an order backlog of CHF3.6m, however, reported sales were CHF7.5m vs our forecast of CHF9.8m. There were delays in manufacturing owing to ongoing issues with Evolva's contract manufacturers (CMOs) and, to compound this, demand in Flavours & Fragrances (F&F) continues to be subdued. FY21 reported EBITDA and operating cash flow are now expected to be in line with FY20 levels, with current guidance assuming there will be pandemic-related effects on the business for most of the year. Importantly, however, the guidance to break-even at the cash level by FY23 remains unchanged.

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