US: Symrise H1 profit up, reaffirms FY guidance
- H1 profit up 8%
- Sales increase 7%
- FY guidance reconfirmed
Food ingredients group Symrise has posted an increase in half-year profits, boosted by the company's positive performance in North America.
Net income for the half year rose 8% to EUR84m (US$103.1m), while EBITDA reached EUR162.5m, compared to EUR174m last year.
Sales climbed 7% to EUR872m, primarily because of the group's 19% sales increase in North America. Latin American and Asia also performed well with sales up 18% and 11% respectively.
Dr. Heinz-Jürgen Bertram, CEO of Symrise, said: "We continued to gain momentum in the second quarter and benefited from a considerable rise in demand in both, the Emerging Markets and established markets. Once again, Symrise achieved an EBITDA margin of 20%.
"This is a notable achievement considering the impacts from high raw material and energy prices as well as ramp-up costs for our new menthol plant. Although many questions remain surrounding the development of the eurozone, we expect further growth in the second half of the year."
Symrise reconfirmed its full-year sales guidance of 3-5%.
Meanwhile, Markus Mayer, analyst at Kepler Markets, said: "Due to numbers above expectations, we expect Symrise's share price to show an outperformance today. However, after Symrise's share price outperformed in advance of the numbers and the fact that the guidance was not raised despite the better-than-expected numbers we do not expect a strong outperformance as the upward revision after the numbers should be limited."
Heinz has launched two new oriental sauces - Amoy Special Selection Soy Sauce and Amoy Thai Sweet Chilli Sauce....
A review of the food industry's progress in cutting salt from products, and recommendations on the best way forward, are due to be published by the Government shortly....
- How the CGF plans to halve global food waste
- Focus: Will synergies lift Ahold Delhaize in US?
- 10 Things to Learn - JBS's acquisition of Moy Park
- IRI – The opportunity of range optimisation
- Focus: Mexican dairies focus on adding value
- ConAgra confirms private-label exit
- Kraft Heinz unveils management structure
- Kellogg eyes trends with product launches
- CMA "accepts" Muller's revised Dairy Crest offer
- Kraft faces lawsuit over 'natural' claims