PARIS — Swiss flavors and fragrance supplier Givaudan registered first-half 2008 net profits of 94 million Swiss francs, or $89.6 million at average exchange, up 13.3 percent versus first-half 2007.
For the period ended June 30, the Vernier, Switzerland-based company posted sales of 2.1 billion Swiss francs, or $2 billion, up 4.5 percent, or 13.5 percent in local currencies. On a pro forma basis, assuming Givaudan had acquired Quest International Inc. in January 2007 rather than in March 2007, revenues increased 3 percent in local currencies and excluding ongoing portfolio streamlining. Including that effect, pro forma sales declined 6.5 percent and rose 1.7 percent in local currencies.
“The good performance again reflects the strong complementarities of the combined businesses as well as the effective integration process, which created practically no disruption,” stated the company.
Sales of Givaudan’s fragrance division gained 5.7 percent, or 14.7 percent in local currencies, to 962 million Swiss francs, or $917.3 million, in the period.
“On a pro forma basis and excluding the impact of discontinued ingredients, sales showed a growth of 1.1 percent in local currencies and a decrease of 7 percent in Swiss francs,” stated Givaudan. “The moderate local currency growth was driven by the solid performance of the consumer products business and double-digit sales growth in specialty ingredients. Sales in fine fragrances declined compared with the prior year, particularly due to heavy de-stocking in the earlier part of the year. Growth in the second quarter, driven by new launches, compensated substantially for this decline.”
For full-year 2008, Givaudan is confident its sales will grow in line with the market, excluding its ongoing product streamlining and the divestiture of its St. Louis, Mo.-based ingredients facility.
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