Givaudan Fragrance & Beauty Achieves CHF 1.672Bn in H1
- Chaileedo Press
- Jul 20, 2023
- 2 min read
Updated: Aug 1, 2023
Givaudan plans to realize organic sales growth of 4-5% year-on-year in the future.
Today (July 20), Swiss flavors and fragrances giant Givaudan announced its 2023 half-year financial report. in the first half of 2023, Givaudan achieved sales of CHF 3.535 billion ($4.1 billion), up 2.4% year-on-year, and down 3.2% in CHF terms.
(Credit: from Givaudan)
Specifically, Fragrance & Beauty sales were CHF 1.672 billion ($2 billion), up 6.4% in CHF terms. Of this total, sales of Fine Fragrances increased 16.2%, compared to a year-earlier growth rate of 17.9%. The sales of Consumer Products increased 3.7%. The sales of Fragrance Ingredients and Active Beauty increased by 4.4% YOY.
(Credit: from Givaudan)
Givaudan said the division's growth was driven by a strong performance in Fine Fragrances, a continued high level of new business and the impact of price increases across all businesses.
Regionally, sales in APAC were up 3.2% to CHF 852 million ($993.6 million), while sales in the LATAM were up 11.1% to CHF 423 million ($493.3 million). The sales in EAME amounted to CHF 1.405 billion ($1.6 billion), up 8.5% year-on-year. The sales in the NOAM amounted to CHF 855 million ($997 million), down 10.6% year-on-year.
Commenting on the growth in the first half year, Gilles Andrier, Chief Executive Officer of Givaudan, said: "We are pleased with our solid performance in the first half of 2023, with particularly strong performance in Fine Fragrances, high growth markets and Europe. In an environment where we are still facing ongoing challenges in some key markets and business segments, I am very happy with our delivery against our performance improvement plan objectives, as well as our continued strong focus on supporting the growth of our customers around the world."
In its half-year financial report, Givaudan also set out its medium- and long-term objectives, with the company aiming to achieve year-on-year organic sales growth of 4-5% and free cash flow growth of at least 12%, both on a basis that exceeds its five-year strategy. In addition, it aims to achieve key non-financial objectives around sustainability, diversity and safety, which are linked to Givaudan's purpose.
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