Givaudan shares fall as H1 sales growth slows
** Givaudan GIVN.S shares fall as much as 4.5% after H1 sales growth showed some stabilisation, although core earnings were above expectations
** The Swiss group's like-for-like sales rose 12.5% from January to June, slightly below the 12.6% growth posted in the first three months of the year
** However, its half-year earnings before interest, tax, depreciation and amortization (EBITDA) rose 18.7% to 906 million Swiss francs ($1.02 billion) on a reported basis, ahead of analysts' average forecast of 875 million francs
** "We expect share price pressure on the result," Jefferies says, adding that sales were below the broker's expectation of a 14.7% growth
** "Even though the consensus collected by the company was met, some investors were probably expecting a bit more in terms of growth in the second quarter", said Vontobel analyst Arben Hasanaj
** Shares on track for their worst day since October 2022
Reporting by Matteo Allievi and Jagoda Darlak
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