Symrise sees 7% annual organic sales growth on boost from fragrance, taste segments
Recasts paragraph 1, adds CEO and analyst quotes in paragraphs 3, 5, 10, adds share moves in paragraph 6, comments on pet food segment and peer's performance in paragraphs 13-14
By Matteo Allievi
Oct 24 (Reuters) -Germany's Symrise SY1G.DE forecast an annual organic sales growth of 7% on Thursday, encouraged by a strong momentum in its fragrance and taste segments, although it expects growth to be likely more modest "at some point".
The flavour and fragrance maker had previously forecast an annual sales growth of 5%-7%.
"Despite the current volatile market environment due to geopolitical tensions and continued inflation pressure, we are confident for the rest of the year and expect robust demand," CEO Jean-Yves Parisot said in a statement.
However, CFO Olaf Klinger warned on a conference call that comparisons are getting tougher and continuing with double-digit growth "would be a surprise".
"The growth we have seen in the sector year-to-date is certainly exceptional. I think everybody is expecting some normalisation next year," said Vontobel analyst Arben Hasanaj.
Shares were down 1.7% at 0739 GMT after falling as much as 3.7%.
Revenue rose more than 5% in the reporting currency to 1.26 billion euros ($1.36 billion) in the quarter ended September, slightly missing analysts' estimates of 1.27 billion euros.
Like-for-like sales jumped 10.2% from a year earlier.
Organic sales in its Taste, Nutrition and Health business, which accounted for more than half of the total, rose 11.3%, while the Scent and Care division posted an 8.4% jump.
"The taste side looks quite good, but in fragrances we see quite a large gap opening up compared to peer's Givaudan GIVN.S," said Hasanaj.
While the rest of the German chemical sector is still facing a sluggish demand in a weaker economy, companies in fragrances and cosmetic business have seen a strong sales increase since the start of 2024.
Symrise, whose fragrances go into the perfumes of French luxury giants LVMH LVMH.PA and Kering PRTP.PA, confirmed its long-term outlook, expecting organic sales growth between 5% and 7% and a core profit margin in the range of 20%-23%.
Concerning the group's pet food segment, Parisot expects prices to continue to stabilise until 2024 end before going back to a more normal environment next year.
Rival Givaudan also reported sales above expectations earlier this month on sustained high demand.
($1 = 0.9271 euros)
Reporting by Matteo Allievi; Editing by Rashmi Aich
Aloqador aktivlar
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.
