Symrise Q3 op profits up 15.4% as fragrances grow

05 November 2007 14:22  [Source: ICIS news]

LONDON (ICIS news)--Flavours and fragrances group Symrise pushed underlying operating profits up 15.4% in the third quarter to €56.2m ($81.4m) and said on Monday that 2007 would be a “very successful” year.

The company expects full-year EBIT growth above 15% and sales growth at the upper end of a range of between 5% and 6%.

Third quarter sales were 5.2% higher at €328.3m. Third quarter EBITDA (earnings before interest, tax, deprecation and amortisation was up 9.5% at €75.2m.

Germany based Symrise said it was growing twice as fast as the market and in the most recent quarter took on two world renowned perfumers Jean Claude Delville and David Apel.

The company’s Scent & Care division was a major driver of EBIT growth in the first nine months of the year.

Group EBIT for the period was up 21.8% at €162m with Scent & care EBIT 39% higher at €82.7m and Flavor & Nutrition EBIT 8% higher at €78.9m.

Group nine months sales were up 4.8% at €989m. Scent & Care nine months sales were up 6% at €521.8m. Flavor & Nutrition sales were up 3.4% at €467.4m.

Analysts at Citigroup said the company’s operating performance had been better than expected and forecast rapid earnings per share growth for the company over the next three years.

($1 = €0.69)

By: Nigel Davis
+44 20 8652 3214

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