PARIS — Givaudan reported its first-quarter sales gained 2.7 percent, bolstered by a full product pipeline and sustained high-level win rates.
In the first three months ended March 31, revenues for the Vernier, Switzerland-based fragrance and flavors supplier reached 1.09 billion Swiss francs, or $1.34 billion. On a like-for-like basis, sales increased 3.9 percent.
Dollar figures are converted at average exchange for the period to which they refer.
Givaudan’s fragrance division posted revenues of 517.1 million Swiss francs, or $635 million, up 3.6 percent. On a constant basis, sales advanced 4.2 percent. The firm attributed the gains to good growth in the consumer-products business, while revenues from fine fragrances and fragrance ingredients were lower than in first-quarter 2012.
Revenues for the company’s flavors division were up 1.9 percent to 571.8 million Swiss francs, or $702.2 million. In like-for-like terms, sales increased 3.7 percent.
Givaudan said this year’s growth rates so far are in line with its mid-term objectives. As reported, the aim is to grow organically between 4.5 percent and 5.5 percent annually, assuming market growth of 2 percent to 3 percent, and continuing market-share gains.
“Givaudan expects to outgrow the underlying market and to continue to achieve its industry-leading EBITDA margin while improving its annual free cash flow to between 14 percent and 16 percent of sales by 2015,” the company reiterated in a statement.