Animal Nutrition revenues fell decreased by 4.6 per cent to € 438.8 million.

Fish Feed revenues of € 414.5 million are 26.6 per cent higher than last year driven by a 24.3 per cent increase in organic volumes and 11.1 per cent growth from acquisitions partly offset by 7.3 per cent foreign exchange effects.

The process of exploring possible divestment opportunities of the company’s compound feed and meat business in Spain and Portugal is taking more time than earlier anticipated as Nutreco says it is seeking a fair valuation that recognises the market position, current financial performance and future potential of these businesses.

First quarter operating results of compound feed and meat business in Spain and Portugal ('discontinued operations') improved compared to the first quarter of 2013.

Based on current trading conditions, Nutreco expects EBITA before exceptional items for continuing operations for the first half of 2014 to be higher than first half 2013 (€ 80.3 million).

Knut Nesse, CEO Nutreco said: "We are pleased with the higher results for the first quarter compared to last year driven by higher volumes in Fish Feed, mainly in Norway.

“Animal Nutrition results were slightly above last year with encouraging trends in margin development and volumes particularly in mature markets.

“Our new organisational structure has been effectively implemented. The structure brings us closer to the business which will provide better execution power and deliver increased focus to regions with more integrated Animal Nutrition and Fish Feed businesses.

“Our long term growth drivers are a growing world population and increased demand for protein which remain the basis of our strategy. Organic growth will be achieved by investing in new production facilities such as the recently announced investments in Asia as well as value-accretive acquisitions in line with our strategy.

“Based on the developments in the first quarter, we expect EBITA before exceptional items for continuing operations for the first half of 2014 to be clearly higher than first half 2013 (€ 80.3 million)."