Givaudan: strong start to year, but markets not impressed
(CercleFinance.com) - Swiss flavours and fragrances maker Givaudan said on Tuesday that it has made a "strong start to the year," with sales up 6.
3% like-for-like in the first three months of 2019.
In the first quarter, Givaudan recorded sales of 1.5 billion Swiss francs, up 16.6% compared to the 1.3 billion Swiss francs reported in the previous year.
Fragrance sales were 677 million Swiss francs, up 8.7% like-for-like, and up 12.1% in Swiss francs, the group said.
The company said that it is continuing to make price increases to fully offset higher input costs, with it aiming to outpace the market, with 4%-5% sales growth over a five-year period. However, these announcements have failed to impress investors.
The share was down 0.7% at 2508 Swiss francs this morning in Zurich.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
3% like-for-like in the first three months of 2019.
In the first quarter, Givaudan recorded sales of 1.5 billion Swiss francs, up 16.6% compared to the 1.3 billion Swiss francs reported in the previous year.
Fragrance sales were 677 million Swiss francs, up 8.7% like-for-like, and up 12.1% in Swiss francs, the group said.
The company said that it is continuing to make price increases to fully offset higher input costs, with it aiming to outpace the market, with 4%-5% sales growth over a five-year period. However, these announcements have failed to impress investors.
The share was down 0.7% at 2508 Swiss francs this morning in Zurich.
Copyright (c) 2019 CercleFinance.com. All rights reserved.