08 April 2005 12:15 [Source: ICIS news]
Givaudan, which does not disclose quarterly earnings, said that the fall in revenues compared with the same quarter of 2004 was due to the strong comparable performance last year, lower prices for some natural raw materials and the streamlining of non-core ingredients.
Despite a “challenging” first quarter performance, the company is confident that it can “deliver another good result for 2005”, it said in a statement.
The fragrances division achieved Q1 sales of SF273.1m, up 0.8% in local currencies and down 1.9% in Swiss francs. Fine fragrances sales were lower year-on-year due in part to several postponed launches.
The company said that the European fine fragrance markets had performed below Q1 2004 levels, reflecting destocking of distribution channels and slow consumer demand. North American sales were “sluggish” compared with the same period last year.
Consumer products maintained good sales growth in all regions, especially
In fragrance ingredients, Givaudan said sales of specialties continued to grow at double digit rates in Q1 2005. Growth is expected to continue in specialty sales, while commodity ingredients will decline further.
Sales in the flavour division in Q1 2005 were SF395.6m – down 6.5% in Swiss francs and 3.2% in local currencies. Sales were affected by lower prices for naturals, such as citrus and vanilla, and the streamlining of non-core savoury ingredients relating to the Food Ingredients Specialities portfolio acquired from Nestle in 2002.
Asia-Pacific sales were up strongly on Q1 2004, especially in
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