Swiss food ingredients group Givaudan has booked an increase in first-half profits.
In the six months to the end of June, net profit increased 67.5% to CHF201m (US$207.9m). Operating profit amounted to CHF295m, a 27.7% increase on the prior-year period.
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Price increases, cost control measures and the absence of last year’s one-off costs boosted profits, Givaudan said.
Sales grew 6.9% to CHF2.13bn. The firm’s flavours and fragrances divisions saw sales also increase in the period, by 5.6% and 8.3%, respectively.
Kepler analyst Markus Mayer said Givaudan’s revenue and EBITDA growth was “slightly below expectations”, but that its profit increase was “in line with expectations”.
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“The earnings miss will restart the discussion if Givaudan will be able to increase its payout ratio this year which was among the key reasons why [investors] hold Givaudan in their portfolio,” Mayer noted.
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