Bloomberg

(Bloomberg) -- Givaudan SA, the world’s largest flavors and fragrance company, reported first-half profit that beat analyst estimates on increased demand for perfume ingredients.

Earnings before interest, taxes, depreciation and amortization rose 13 percent to 638 million francs ($649 million), the Vernier, Switzerland-based company said in a statement on Monday. Analysts had predicted 576 million francs.

Chief Executive Officer Gilles Andrier, in his 12th year at the helm, is sticking to average sales growth of 4 percent to 5 percent excluding any purchases through 2020, it said Monday.

“Ambitious financial targets are a fundamental part of Givaudan’s strategy,” the company said in the release.

Sales in the first six months gained 6.2 percent on a like-for-like basis to 2.33 billion francs.

Anne Tayac will join the executive board on August 1 and be head of Givaudan’s business solutions to provide services to customers, Givaudan said. Adrien Gonckel will retire.

To contact the reporter on this story: Sheenagh Matthews in Frankfurt at smatthews6@bloomberg.net. To contact the editors responsible for this story: Tara Patel at tpatel2@bloomberg.net, Andrew Noël

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