Revenue growth was driven by market share gains for the brand’s fine fragrance division, as well as company acquisitions during the year
Firmenich’s consumer fragrance category saw reduced performance during the year
Swiss perfumery company Firmenich has reported double-digit revenue growth for its full-year 2022 results.
The company said the results were achieved against the backdrop of a challenging economic climate, with increased prices for raw materials and supply chain issues.
Revenues increased by 11.1% to CHF 4.7m (US$4.9m) for the period ended 30 June 2022, with company acquisitions contributing to the strong performance.
The company’s perfumery and ingredients arm was also highlighted as a key performer for the business, with revenues up 11.3% compared with 2021.
The category's success was driven by growth and market share gains for the brand’s fine fragrance division, up 32.5%, and increased customer demand for ingredients.
Growth for Firmenich’s consumer fragrance category grew by low single-digits, however, against a backdrop of “industry-wide softness”.
“Firmenich’s strong performance in FY22 is the result of our ongoing commitment to serve and innovate with our customers and a testament to the strengths of our offerings across Fragrance and Taste,” said Patrick Firmenich, Chairman of Firmenich's board.
“We are now moving to a new chapter in our history, with the announced merger with DSM, and I am pleased to see that our company is entering this new phase from a position of strength.”
Firmenich also saw consistent revenue growth across the geographic territories it operates in, including Europe (18.9%), India (13.1%), China (9.4%) and North America (+5.1%).
The company added that it saw record adjusted EBITDA results of CHF 905m ($947), up 10.9% compared with the same period last year.
“Despite the ongoing challenging macro-economic environment, Firmenich has delivered another year of strong results, with double digit growth in revenue and adjusted EBITDA,” said Gilbert Ghostine, CEO of Firmenich.
“As always, I want to thank our 11,000 employees who have made this possible.
“I look forward with excitement to the coming year, which marks the start of a new chapter for Firmenich.”