Swiss perfumery company Firmenich has reported double-digit revenue growth for its full-year 2022 results.
The company said the results were achieved against the backdrop of a challenging economic climate, with increased prices for raw materials and supply chain issues.
Revenues increased by 11.1% to CHF 4.7m (US$4.9m) for the period ended 30 June 2022, with company acquisitions contributing to the strong performance.
The company’s perfumery and ingredients arm was also highlighted as a key performer for the business, with revenues up 11.3% compared with 2021.
The category's success was driven by growth and market share gains for the brand’s fine fragrance division, up 32.5%, and increased customer demand for ingredients.
Growth for Firmenich’s consumer fragrance category grew by low single-digits, however, against a backdrop of “industry-wide softness”.
“Firmenich’s strong performance in FY22 is the result of our ongoing commitment to serve and innovate with our customers and a testament to the strengths of our offerings across Fragrance and Taste,” said Patrick Firmenich, Chairman of Firmenich's board.
“We are now moving to a new chapter in our history, with the announced merger with DSM, and I am pleased to see that our company is entering this new phase from a position of strength.”
Firmenich also saw consistent revenue growth across the geographic territories it operates in, including Europe (18.9%), India (13.1%), China (9.4%) and North America (+5.1%).
The company added that it saw record adjusted EBITDA results of CHF 905m ($947), up 10.9% compared with the same period last year.
“Despite the ongoing challenging macro-economic environment, Firmenich has delivered another year of strong results, with double digit growth in revenue and adjusted EBITDA,” said Gilbert Ghostine, CEO of Firmenich.
“As always, I want to thank our 11,000 employees who have made this possible.
“I look forward with excitement to the coming year, which marks the start of a new chapter for Firmenich.”