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Givaudan makes profit but misses forecast

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.

This content was published on February 17, 2009 - 09:57

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.

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