‘Above average’ growth in emerging markets has led to a strong increase in sales and profits for flavour and fragrance giant Symrise.
A strong rise in sales form emerging markets has helped the German ingredients supplier to grow global sales by 9% (to €1,32bn, a 6% growth in local currency) on last year. The flavour firm said the 9-month postings, which also reveal a 9% rise in EBITDA, show it is on track to meet full year targets of sales growth of between 3 % and 5 % at local currency, and at an EBITDA margin of around 20 %.
“We achieved considerable increases in sales and earnings throughout the Group in the first nine months of this year. The emerging markets provided particularly strong impetus for growth and accounted for 48 % of sales for the very first time,” said Symrise CEO Dr Heinz-Jürgen Bertram.
“For the remaining weeks of 2012, we continue to remain confident, although the sovereign debt crisis is having a growing impact on both, the European and also the global economy,” he added.
Flavour and nutrition growth
Symrise’s flavour and nutrition business grew sales to €649m (a 9% increase) on the back of good sales growth in all regions, said the group.
The firm said Asia-Pacific and North America regions were responsible for the strongest growth sales (8 % each at local currency), with beverages and savoury applications, in particular, generating ‘pleasing’ growth in the Asia-Pacific region.
Speaking with Reuters, Bertram hinted that Symrise might soon look to build on its experience in developing snacks and drinks for global food companies to diversify into nutritional supplements.