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Givaudan: posts 2.7% sales increase in first nine months

( - Switzerland's Givaudan on Thursday reported a 2.
7% increase in sales during the first nine months of 2020, led by the strong growth of its fragrance division.

The Geneva-based company posted sales of 4.79 billion Swiss francs, from 4.66 billion Swiss francs one year ago, an increase of 3.7% on a like-for-like basis.

In a statement, Givaudan said it sustained a "good business momentum" despite Covid-19 continuing to have an impact at a global level.

Its fragrance and beauty sales were 2.2 billion francs, an increase of 4.5% on a like-for-like basis.

The company also confirmed its mid-term goal of 4-5% annual sales growth for 2020.

Givaudan shares fell 2.2% on Thursday morning, significantly underperforming the SMI Swiss market index, which rose 0.4%.

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