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Symrise Q1 2010 Sales, Net Earnings Boosted by Resurgence in Fragrance and Mature Markets
Posted: May 4, 2010
Citing growth across all divisions and regions and customer restocking, Symrise (Holzminden, Germany) has reported first quarter 2010 sales of 391 million euros, a gain of 12.8% compared to the same period 2009. Scent and care sales for the period totaled 204.8 million euros (Q1 2009: 179.8 million euros), while flavor and nutrition totaled 186.2 million euros (Q1 2009: 166.9 million euros). Net earnings for the period jumped to 40.4 million euros. Other highlights:
- Emerging markets now account for 44% of sales.
- Mature markets such as Western Europe and the the United States are recovering, as is the overall EAME region.
- The strongest growth in sales, 18 %, were generated in the Asia-Pacific region.
- Latin American sales grew by 7%.
- Sales with the 10 largest customers rose 13%, generating 30% of group sales.
- Scent and care division sales rose 10 % with the 10 largest customers, primarily due to regained strength in fine fragrance and luxury personal care.
Of the results, CEO Heinz-Jürgen Bertram said, “The clearly visible recovery of the market during the second half of 2009 continued into the first quarter. Symrise took advantage of the noticeable increase in customer demand to get off to a successful start in the 2010 financial year. The strong position we enjoy with respect to major customers and robustly growing emerging markets is again reflected in our above-average rate of growth. We are also pleased about the very positive development of markets in both Western and Eastern Europe. The sharp jump in earnings confirms that our company is in excellent shape. The development of business during the first quarter makes us confident that we will be able to meet our objectives for the current financial year. Our strategic focus will be on the further enhancement of our unique profile in the business units care and nutrition.”