Swiss flavours and fragrances maker Givaudan saw its full-year net profit rise 19% today (17 February), boosted by sales in both divisions.
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For the 12-month period, net profit reached CHF111m (US$95.7m). The company said it was confident of growing faster than the underlying market in 2009 and proposed a dividend of around 20 francs per share.
However, Givaudan’s group sales fell 1.1% to CHF4.1bn, hurt by the strength of the Swiss franc.
Sales for the company’s flavour division reached CHF2.2bn, a decrease of 2% in Swiss francs and an increase of 5.8% in local currencies compared to the previous year.
Operating income increased to CHF379m from CHF322m last year, an increase of 17.7%. The operating margin, on a comparable basis, was flat at 11.9% in 2008 versus 2007.
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By GlobalDataIn the company’s flavour division, despite adverse economic conditions, sales in mature markets of Europe and North America increased. Sales grew across all segments, led by double-digit growth in snacks and high single-digit growth in the company’s savoury and dairy segments.
Givaudan said it was confident it would achieve its announced savings target of CHF200m by 2010 and reach its pre-acquisition EBITDA margin level of 22.7% by 2010.
