Swiss flavours and fragrances group Givaudan has booked an increase in first-half earnings boosted by growth in emerging markets.
Net income climbed 36% to CHF271m (US$290.9m), the group reported. Operating income was up 23.8% to CHF377m, while operating margin increased to 16.9% from 14.3% last year.
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Sales reached CHF2.2bn, up 5.7% on a like-for-like basis. Sales in the firm’s flavours division were up 5.8% to CHF1.2m, driven by the developing markets of Asia Pacific, Eastern Europe, Africa and Middle East and Latin America, coupled with gains in the mature markets of North America and Western Europe.
Givaudan reiterated its objective to grow organically between 4.5% and 5.5% per annum, assuming a market growth of 2-3%, and to continue on the path of market share gains.
