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Givaudan’s Strong Start: Navigates Exchange Rate Challenges

Givaudan’s Strong Start: Navigates Exchange Rate Challenges

Thu, Apr 11th 2024

Geneva-based Givaudan posts a remarkable 12.6% organic growth in Q1, outperforming expectations amidst currency headwinds.

KEYSTONE/Martial Trezzini

The Geneva-based flavor and fragrance manufacturer Givaudan achieved strong organic growth in the first quarter. The industry leader benefited from a recovery in sales volumes. However, unfavorable exchange rates continued to put pressure on sales in Swiss francs.

Sales in Swiss francs rose by 2.8 percent to 1.82 billion Swiss francs from January to March, as the supplier of flavors and fragrances for food, perfumes, household and care products announced on Thursday.

In organic terms, i.e. adjusted for acquisitions and sales and, above all, currency effects, the increase amounted to a whopping 12.6%. However, the medium-term target range of 4 to 5 percent was clearly exceeded. Analysts’ expectations were also clearly exceeded. According to the AWP consensus, they had assumed organic growth of 7.1%.

The flavor and fragrance manufacturer has reportedly started the year with “strong” business momentum. Customer demand has increased and all product segments and regions have contributed to growth.

As usual, Givaudan does not provide a concrete outlook for the current year. However, the medium-term target remains valid. Accordingly, Givaudan wants to achieve organic sales growth of at least 4 to 5 percent per year. At the same time, free cash flow should amount to at least 12 percent of sales.

©Keystone/SDA

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