Givaudan confident about 2009 results after ‘resilient’ Q2 sales
Fragrances and flavours producer Givaudan has revealed solid results for the first half of 2009. Sales for the first six months to June 2009 totalled CHF1,996m, a decrease of 0.9% in local currencies and 4.7% in Swiss francs. However, second quarter sales saw a slight growth of 0.9% in local currencies, as compared to a 2.1% decline in the first quarter 2009. Meanwhile net income was CHF95m, resulting in a margin of 4.8%.
Fragrances and flavours producer Givaudan has revealed solid results for the first half of 2009. Sales for the first six months to June 2009 totalled CHF1,996m, a decrease of 0.9% in local currencies and 4.7% in Swiss francs. However, second quarter sales saw a slight growth of 0.9% in local currencies, as compared to a 2.1% decline in the first quarter 2009. Meanwhile net income was CHF95m, resulting in a margin of 4.8%.
Givaudan says that it has “proven resilient in a difficult economic environment” and believes that it will continue to do so for the full year 2009, with the notable exception of its fine fragrance business.
According to the company, sales in America and in Europe’s mature and developing markets declined. Conversely, sales in Latin America increased at a double digit rate.
In addition, Givaudan’s integration of Quest International continued on track and according to the company is on its way to achieving CHF170m and CHF200m of sustainable synergies at the end of 2009 and 2010 respectively.
