By  on July 25, 2013

PARIS — Givaudan reported its half-year net profits rose 35.5 percent to 271 million Swiss francs, or $289.5 million.

The Vernier, Switzerland-based fragrance and flavors supplier's operating income gained 23.8 percent to 377 million Swiss francs, or $402.7 million.

Sales were up 4.7 percent to 2.23 billion Swiss francs, or $2.38 billion. On a like-for-like basis, company revenues advanced 5.7 percent.

Dollar figures are converted at average exchange rates for the six-month period ended June 30.

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In Givaudan's fragrance division, sales grew 5.3 percent to 1.05 billion Swiss francs, or $1.12 billion. Its flavors division posted a 4.1 percent increase to 1.18 billion Swiss francs, or $1.26 billion.

The firm reiterated its mid-term objectives of growing 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 said in a statement.

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