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Symrise Accelerates Growth in Q3

The German fragrance and flavors maker’s EBITDA advanced 3.3 percent and sales gained 4.6 percent in the period.

PARIS – Symrise AG reported third-quarter earnings before interest, taxes, depreciation and amortization rose 3.3 percent, bolstered by strong demand across all of its business segments.

EBITDA at the German fragrance and flavors maker reached 162.3 million euros, while its sales in the three-month period ended Sept. 30 were up 4.6 percent to 763.2 million euros. On an organic basis, revenues increased 9.1 percent.

“We continued our growth initiatives in the third quarter, which led to a successfully expanded market position,” Heinz-Jürgen Bertram, chief executive officer of Symrise, said in a statement.

“The targeted investments into the product portfolio, research and development and new markets support our strategy. We are confidently looking ahead to the remaining weeks of the year. Our guidance for 2017 remains in place, and we also confirm our long-term targets,” he added.

In the first nine months of the year, the Holzminden, Germany-based supplier posted EBITA of 485.2 million euros, up 1 percent versus the same prior-year period, on sales of 2.28 billion euros, representing a 3.9 percent rise in reported terms and a 6.5 percent uptick on a like-for-like basis.

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Symrise’s Scent & Care division’s sales totaled 960.1 million euros, down 3.7 percent in reported terms and up 3.3 percent on an organic basis, driven by the Cosmetics Ingredients division. The Aroma Molecules and Fragrance activities registered moderate growth, and the Fine Fragrance unit, dynamic gains, in the period.

The company’s flavor branch achieved sales of 842.6 million euros, which rose 8.6 percent on a reported basis and 10 percent in organic terms.

Symrise confirmed its growth and profitability aims for this year, saying it expects to significantly outperform the relevant market that’s expected to grow at approximately 3 percent. It also foresees posting an EBITDA margin of more than 20 percent.

The company said its mid-term targets remain unchanged, including a compound annual growth rate of 5 percent to 7 percent, and an EBITDA margin in the range of 19 percent to 22 percent.