Perfume recovery helps Givaudan H1 net profit beat poll

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Givaudan and its peers have benefited from solid demand for flavours for foods and drinks consumed at home during the pandemic. Business areas linked to away-from-home activity, such as fragrances for perfumes or cosmetics, are now also recovering.

Net profit at the Swiss group rose 16.3% to 481 million Swiss francs ($524.36 million), beating a mean Refinitiv estimate of 457 million francs, while like-for-like sales grew 7.9%, Givaudan said in a statement.

Fragrance and Beauty sales were up 10.1%, as fine fragrances for perfumes bounced back strongly from last year’s lows. Its Taste and Wellbeing sales rose 6.1%, Givaudan said.

“The foodservice segment was still impacted by COVID-19 pandemic, however experienced a strong recovery in the second quarter, as restrictions in relation to out of home food and beverage consumption started to be lifted in certain markets,” the group said.

It confirmed its target of 4-5% organic sales growth on average over the five-year cycle to 2025.

($1 = 0.9173 Swiss francs)

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