GÖTTINGEN (dpa-AFX) - The customers of biotechnology supplier Sartorius are continuing to reduce their inventories. According to Sartorius CEO Joachim Kreuzburg, however, the process is at an advanced stage in the core business with consumables. At the same time, he is observing a pronounced reluctance to invest among customers, particularly in China and to some extent in Europe, Kreuzburg said in Gottingen on Thursday. He confirmed his expectations for the current year and continues to anticipate a moderate first half of the year and increasing business momentum for the Dax Group during the course of the year.

In the first quarter, incoming orders adjusted for exchange rate effects rose by just under ten percent to a good 826 million euros compared to the weak prior-year period. However, the corresponding sales fell by 7.6 percent to almost 820 million euros, which was worse than analysts had estimated. In terms of profitability, however, Sartorius exceeded expectations: The margin before interest, taxes, depreciation and amortization only fell from 30.1 to 28.6 percent./lew/jha/