Givaudan saw sales rise 6.3 percent (like-for-like) over the first half of the year, reaching CHF3,094 million, beating analyst expectations. The fragrance division was a particular highlight with sales up 8.6 percent to CHF1,3621 million and all three sub-divisions (fine fragrance, consumer products and fragrance ingredients and active beauty) performing well, up 8.5 percent, 8.7 percent and 8.2 percent respectively.
“Our strong performance for the first half of 2019 confirms the resilience of our business and our ability to consistently deliver industry leading financial performance,” said CEO Gilles Andrier. “I am very pleased with our results and with the continued progress we have made in delivering against our strategic goals under the 2020 strategy.”
However, while gross profit was up 7.8 percent, gross margin was down at 41.2 percent compared to 44.2 percent in the same period in 2018, attributed to the impact of higher input costs, and the lower margin of recently acquired Naturex.