Group sales for first nine months of the year up 2%
Symrise is on course to achieve its targeted EBITDA margin for 2011, despite further economic slowdown in the third quarter and continuing high raw material prices.
In the first three quarters of the year Symrise generated sales of €1,206.3m, an increase of 2% on the previous year. The Scent & Care division saw sales gains of 4%, while Flavor & Nutrition grew 7%.
To counteract the effects of high raw material costs and volatile exchange rates, Symrise focused on strict cost management while discontinuing activities with weak margins, both of which have contributed to securing profitability and achieving the target 2011 EBITDA margin of 20.1%.
“We do not expect volatility to decline in our markets until the end of the year. Accordingly, securing our strong profitability takes first priority,” commented Heinz-Jürgen Bertram, Symrise ceo. “From today’s point of view and despite the current macroeconomic challenges we continue to be confident that we will achieve an EBITDA margin of 20% for the full year of 2011. After using this year to consequently focus on optimising our earnings, we are well prepared for various economic scenarios that may occur in the coming year.”