21 February 2006 10:02 [Source: ICIS news]
LONDON (ICIS news)--Givaudan said on Tuesday it achieved a 7% rise in full year operating profits to SF513m ($392m/Euro329m), boosted by higher margins in the flavours division.
Sales rose 3.6% to SF2.78bn, although in local currencies the increase was 2.5%.
The Swiss flavours and fragrances group said it benefited last year from prudent cost management, the positive impact of the European site consolidation in the flavours division and the successful implementation of margin improvement initiatives launched two years ago.
“Givaudan is confident it will sustain its leading market position and deliver another good result in 2006,” it stated.
The fragrance division suffered a 5.3% drop in operating profit to SF161m due to higher operating costs and raw materials prices, plus a provision mainly due to regulatory changes in the ?xml:namespace>
Givaudan said margins in the fragrance division declined to 14.2% in 2005 against 15.8% in 2004.
In the flavours division, operating profits rose 13.5% to SF352m, resulting in a margin increase to 21.4% from 19.3%. Sales climbed 2.5% (1.3% in local currencies) to SF1.65bn.
The full financial report is available at http://www.givaudan.com
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