Swiss flavours and fragrances maker Givaudan said this morning (9 April) that its first-quarter sales rose 9.2% on increasing demand for its ingredients.
The company said that demand for its flavours and – in particular – fragrances has been boosted by returning consumer confidence in the first three months of the year.
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Sales rose to CHF1.07bn (US$990.7m) during the period, the Swiss group revealed.
Sales in the fragrance division rose 13% to CHF496m, while revenue at the flavours unit increased 6.1% to CHF571m, driven by the sweet goods, beverages and dairy units.
“In an improved economic environment, Givaudan continues to focus on its growth initiatives to increase its share in developing countries and in key market segments,” the company said.
Givaudan also insisted that it is on track to reach its annual savings target of CHF200m this year, while EBITDA margin is expected to return to around 22.7%.
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By GlobalData
