IFF buoyed by strong Q3 results
Company’s chairman calls latest results \'excellent\'
International Flavours and Fragrances company IFF has reported positive Q3 results – with revenue standing at $673m which is 10% higher than the previous year’s quarter. Meanwhile revenue in local currency also increased by 13%.
IFF’s chairman and ceo, Doug Tough, comments: “Our third quarter performance marks the continuation of excellent results. All categories performed at or above expectations. This outstanding top line performance, combined with our continued focus on cost discipline, has enabled us to deliver a margin profile that has not been achieved in over five years.”
In the flavours division operating profit has increased by 15% in the past year to total $63m in the third quarter. IFF says this was largely prompted by an accelerated level of demand from existing accounts and some new business wins which led to double-digit growth in Europe, Africa and the Middle East.
While in the fragrance division local currency sales also increased by 15% on the previous year as all regions reported double-digit growth, with new business wins being a particular driver for growth here. Operating profit in the fragrance unit grew by $22m to total $69m in Q3.
