The world's largest flavours and fragrances group, Givaudan, has reported its net profit for 2008 rose to SFr111 million ($95 million) from SFr94 million in 2007.
The Swiss company, based near Geneva, said on Tuesday the 19 per cent rise was underpinned by sales in both divisions, but admitted it had missed expectations.
Full-year net profit had been seen at SFr157 million, according to a Reuters survey.
Givaudan said it was confident of growing faster than the underlying market in 2009 and proposed a dividend of SFr20 per share.
Group sales fell one per cent to SFr4.1 billion, hurt by the strength of the Swiss franc, and its gross margin – falling to 45.6 per cent from 47.1 per cent – was hit by higher raw material, energy and transport costs.
Givaudan makes scents for fine fragrances and consumer products including ingredients for designer perfumes such as Calvin Klein and Burberry.