Fragrance and flavour maker Givaduan saw net income more than double in the first half on the back of improved sales in developing markets and as retailers began restocking perfumes.
The company posted a 108.3% increase in net income for the first half to reach CHF200m (US$191.76m) as its profit margin nearly doubled on the same period in 2009.
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Sales grew 10.5% in local currencies and 10.2% in Swiss francs to reach CHF2.19bn, with the strong performance in the first quarter continuing into the second quarter.
EBITDA grew to CHF490m in the first half of 2010, from CHF388m in 2009.
For the full year 2010, the company is forecasting to grow sales 5% in local currencies and said it is confident it will reach its announced savings target of CHF200m by the end of the year. It added it is going to focus on growth initiatives to expand in developing countries and key sectors.
“Givaudan is capitalising on its expanded leadership position resulting from the successful integration of Quest. This translates into numerous new wins and strong sales growth across all geographies and customers, as well as into significant profitability improvements. We are on track with our targets,” said Gilles Andrier, Givadaun CEO.
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