09 April 2010 10:20 [Source: ICIS news]
LONDON (ICIS news)--Givaudan has exceeded analysts’ expectations by achieving a sales increase in the first quarter of 2010 of 10.6% year on year in local currencies and of 9.2% in Swiss francs (Swfr) to Swfr1.07bn ($1.00bn, €748bn).
The Geneva-based flavour and fragrance company said on Friday that developing markets were continuing to show excellent momentum, while mature markets continued the recovery seen in the second half of 2009.
Asia Pacific sales grew by 13.7% year on year, with the developing markets of ?xml:namespace>
Europe, Africa and Middle East sales rose by 7.5% despite the continued challenging economic environment in w
However, North American sales remained flat as a result of the continued weak economic environment, it added.
Looking forward, Givaudan again said it was confident of achieving its savings target of Swfr200m in 2010.
“As we enter into the last year of the Quest integration, the company is confident of reaching its pre-acquisition EBITDA margin level of 22.7%,” it said.
Givaudan announced its full-year 2009 results in mid-February. The company’s net income rose by 79.3% year on year to Swfr199m, while group sales rose by 1.4% in local currencies and fell by 3.1% in Swiss francs to Swfr3.96bn.
(€1 = Swfr1.43, $1 = Swfr1.07)
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