Givaudan doubles H1 net profit on strong sales

05 August 2010 07:35  [Source: ICIS news]

MUMBAI (ICIS)--Geneva-based producer Givaudan said on Thursday its net profit for the first half to June had doubled to Swiss franc (Swf) 200m ($190.48m/€143.88m) from Swfr96m in a year-ago period on the back of strong sales across all segments.

The flavour and fragrance company had achieved a sales increase in the first half of 2010 of 10.5% year on year in local currencies and 10.2% growth in Swiss francs to Swfr2.2bn, it added.

The company’s EBITDA (earnings before interest, tax, depreciation and amortisation) for the period rose 26% to Swfr 490m from Swfr388m in the year-ago period, it said.

Developing markets were continuing to show excellent momentum and had reached 41% of group sales, Givaudan said.

“Givaudan is capitalising on its expanded leadership position resulting from the successful integration of Quest," said Gilles Andrier, chief executive officer. "This translates into numerous new wins and strong sales growth across all geographies and customers, as well as into significant profitability improvements.” 

Looking forward, Givaudan expected sales to grow above 5% for the full year and was confident of reaching its pre-acquisition EBITDA margin level of 22.7%, the company said.

($1 = Swfr1.05, €1= Swfr1.39)

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By: Priya Jestin

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