The Swiss manufacturer of perfumes and aromas Givaudan recorded higher sales in the first nine months of 2022. The company indicates that it has applied price increases in perfumery in order to offset the increases raw material costs.

Givaudan sees its sales increase over nine months (©Givaudan)

The Swiss group Givaudan, specializing in perfumes and aromas, published higher sales on Tuesday over nine months, driven by price increases in perfumery to offset inflation in raw materials.

From January to the end of September, its turnover increased by 6.1% excluding currency effects compared to the same period last year, and by 7.7% once converted into Swiss francs, to more of 5.4 billion Swiss francs (5.6 billion euros), it said in a statement, the strength of the Swiss franc giving it an additional boost.

Analysts polled by the Swiss agency AWP expected an average of 5.4 billion francs, including 2.4 billion in perfumery and cosmetics and 2.9 billion in flavors.

A dynamism of perfumery and cosmetics ingredients

Its perfumery division saw its sales climb by 5.8% excluding currency effects, to more than 2.4 billion francs, recording its strongest growth in fine perfumery, up 14.8%, details the group which manufactures fragrances for big names in perfumery, such as Christian Dior , Ralph Lauren or Prada.

The so-called functional perfumery, which includes scents for personal care products, washing powders and detergents, saw its sales increase by 2.2%, while those of perfumery and cosmetics ingredients rose again by 10.2% despite a of high comparison.

"The good performance was supported by the acceleration in the third quarter of price increases negotiated with customers, intended to offset the increase in raw material costs," the group said in the press release.

Medium-term objectives confirmed

Its sales in food flavorings increased by 6.4% excluding currency effects, their growth slowing slightly compared to the previous six months, the basis of comparison being also high.

In detail, the group specified that the sales of this division at the regional level increased by 4.2% in the Asia-Pacific zone "despite the negative impact of the measures linked to the Covid-19 pandemic still in force in China".

The group confirmed its medium-term objectives, still aiming for an increase in sales of 4% to 5% excluding currency effects and acquisitions.



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