Perfume recovery helps givaudan H1 net profits outpace polls

File Photo: The logo of the Swiss flavor and fragrance maker Zivodan can be seen on January 10, 2020 at the Innovation Center in Kemptal, Switzerland. REUTERS / Arnd Wiegmann

July 22, 2021

Zurich (Reuters)-Swiss flavor and fragrance maker Givaudan Thursday after boosting net profit and sales in the first half of the year after a strong recovery in some of its businesses hit by the COVID-19 pandemic last year. Confirmed the medium-term target. 2021.

Givaudan and his colleagues have benefited from a solid demand for flavors of food and beverages consumed at home during a pandemic. Business areas related to on-the-go activities, such as perfumes and cosmetic fragrances, are also recovering.

Givaudan said in a statement that the Swiss Group’s net profit increased 16.3% to CHF 481 million ($ 524.36 million), surpassing Refinitiv’s average estimate of CHF 457 million and similar sales. Said it increased by 7.9%.

Fragrance and beauty sales increased 10.1%. This is because the perfume fine fragrance has recovered significantly from last year’s lows. Its taste and happiness sales increased by 6.1%, Givaudan said.

“The food services segment was still affected by the COVID-19 pandemic, but experienced a strong recovery in the second quarter as restrictions on out-of-home food and beverage consumption began to be lifted in certain markets,” the group said. Said.

We have confirmed our goal of an average of 4-5% intrinsic sales growth over a five-year cycle through 2025.

($ 1 = 0.9173 CHF)

(Report by Silke Koltrowitz, edited by John Revill)

Perfume recovery helps givaudan H1 net profits outpace polls

Source link Perfume recovery helps givaudan H1 net profits outpace polls

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