Givaudan’s first-half results show Quest integration success
Leading flavours and fragrance company Givaudan has enjoyed above market growth in the first half of 2008. The Geneva-based company reported a sales increase of 13.5% in local currencies and 4.5% in Swiss francs to CHF 2,095m.
Leading flavours and fragrance company Givaudan has enjoyed above market growth in the first half of 2008. The Geneva-based company reported a sales increase of 13.5% in local currencies and 4.5% in Swiss francs to CHF 2,095m.
On a pro forma basis - which reflects the combined activity of Givaudan and Quest, the UK-based competitor Givaudan acquired 1 January 2007, over the period ending 30 June 2008 - sales increased by 3.0% in local currencies, excluding the ongoing portfolio streamlining. If the effect of the portfolio streamlining is included, sales on a pro forma basis increased 1.7% in local currencies and declined by 6.5% in Swiss francs.
In spite of rising raw material, energy and transportation costs the EBITDA and operating profit margins in pro forma terms improved by 1.2% and 0.4% respectively. In addition, net profit was up 13.3% to CHF 94m.
Givaudan cited these good first-half results as further evidence of Quest’s effective integration.