Fragrance revenues were driven by strong growth in Latin America
Flavours and fragrances supplier Givaudan Group has reported sales for the first six months of the year of Swiss franc CHF2,191m, an increase of 4.5% on a like for like basis (-1.5% in Swiss francs). EBITDA for the period rose 10.5% to CHF562m, driven by an improved gross profit margin, and operating income was up 11.8% to CHF422m.
Fragrance Division sales reached CHF1,034m, an increase of 4.8% on a like for like basis (-1.2% in Swiss francs). The acquisition of Soliance in June contributed CHF3m to the company's revenues in the period. Fine Fragrance sales grew 5.0% on a like for like basis driven by strong growth in Latin America. In Central Asia, Middle East and Africa strong growth and new business in the Middle East more than offset a flat performance in Russia, while in mature markets, growth in Western Europe compensated for lower sales in North America.
Sales in the Consumer Products business were driven by the strong performance of developing markets – increased by 4.2% on a like for like basis. With regard to products, the strongest increases were in the personal care and fabric care segments, followed by home care; oral care sales were down in comparison to the previous year’s strong sales.
Sales of Fragrance Ingredients, on the other hand, were driven by good growth in specialties and the Asian and North American market, increasing by 7.6% on a like-for-like basis.