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26 Oct

Symrise Raises Full-year Guidance Yet Again – WWD

Symrise Raises

Symrise Raises

PARIS ­– Symrise Raises On the back of a powerful third quarter, Symrise AG has raised its full-year 2022 guidance yet again.

The German fragrance and flavors supplier said in a press release on Wednesday that sales growth across each of its divisions was more robust than expected, up 13.6 percent overall on an organic basis to 975.2 million euros within the three months ended Sept. 30. In reported terms, sales rose 26.4 percent.

Symrise’s Scent and Care division’s activity was spurred by the fragrance and fantastic fragrance activities, while demand for hygiene and oral care products was lower than in 2021. The Cosmetic Ingredients activity posted double-digit organic growth, and sun protection products notched up dynamic wins. Overall, the division’s sales reached 382.7 million euros, a 6.7 percent organic on-year increase.

Also within the third quarter, Symrise’s Taste, Nutrition and Health division’s sales were up 18 percent on an organic basis to 592.5 million euros.

In the primary nine months of this yr, the corporate’s sales totaled 3.49 billion euros, a 11.3 percent improvement in organic terms and a 21.2 percent rise on a reported basis versus the identical prior-year period.

“In a still difficult and volatile market environment, we once more managed to proceed our growth course,” Heinz-Jürgen Bertram, chief executive officer of Symrise, said within the statement. “Our diversified portfolio in addition to our broad regional presence and customer base were key aspects in achieving this. Moreover, materially increasing demand in our core competencies resembling cosmetics and pet food has contributed to significant organic growth.”

Given the strong turnout, Symrise now goals for organic sales growth of greater than 10 percent – relatively than the formerly announced “significantly above 7 percent” – and maintained an expected EBITDA margin of around 21 percent for 2022 overall.

“The aim is to proceed to mix organic and inorganic growth in the shape of targeted strategic acquisitions along with strict cost management and price increases,” Symrise said.

The corporate reconfirmed, as well, its mid-term goals for 2025. By then, the group goals to grow its sales to between 5.5 billion euros and 6 billion euros, partly by a compound annual growth rate of 5 percent to 7 percent and acquisitions. Symrise expects an EBITDA margin of 20 percent to 23 percent in the long run.

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