Israeli flavours and ingredients group Frutarom has posted strong profit and sales growth for the first quarter.
Reporting a record net profit of US$9.7m, up 27.3% from last year, the company also saw first-quarter sales climb 51.6% to $122m.
Earnings per share rose by 21.0% to $0.17.
The company said the integration of seven strategic acquisitions made last year, which is now almost complete, had “substantially improved profit and profitability levels”.
In addition, Frutarom said that it had managed successfully to raise its selling prices, adjusting them to the increased prices of raw materials, and this had also contributed to the improvement in profitability compared with the last three quarters of 2007.
“We are satisfied with the seven strategic acquisitions made in 2007, and are focusing on extracting the greatest possible commercial and operational synergies from the acquired activities and our global activity,” said president and CEO Ori Yehudai.
“We will continue to adjust selling prices to any further increases in raw materials prices. We are committed to sustaining the trend of improvement to profit and profitability.”