Noting strong performance carrying over from the first quarter, Givaudan (Geneva) has reported first half 2010 sales of CHF 2,199 million, an increase of 10.2% year-over-year. According to the company, developing markets now contribute 41% of group sales. Strong sales and cost efficiencies contributed to a gross profit margin of 46.8%. Operating income totaled CHF 330 million.
The fragrance division sales for the period totaled CHF 1,017 million, an increase of 13.1%. The division breakdown was as follows: ingredients 13%, fine fragrance 20% and consumer products 67%.
The flavor division sales for the period totaled CHF 1,182 million, an increase of 7.8%. The division breakdown was as follows: dairy 12%, confectionery 18%, beverages 35% and savory 35%.
The company expects to grow about 5% for the full year 2010 (local currencies). It continues to focus on developing markets and key segments for future growth.
Of the results, CEO Gilles Andrier said, “Givaudan is capitalizing on its expanded leadership position resulting from the successful integration of Quest. This translates into numerous new wins and strong sales growth across all geographies and customers, as well as into significant profitability improvements. We are on track with our targets.”