Firmenich announces 2.8 percent growth in 2020 full year results

Firmenich announces 2.8 percent growth in 2020 full year results

THE WHAT? Perfume and taste company Firmenich has announced a 2.8 percent year-on-year growth for the 52 weeks ended 30th June, 2020.

THE DETAILS While the company felt the impact from COVID-19 in its Foodservice and Fine Fragrance divisions, it was said to be ‘more than’ offset by strong performances in Savory, Sugar Reduction, Plant-Based Proteins, Personal Care, Body Care and Home Care.

Per category, Perfumery & Ingredients grew 2.2 percent, while Flavors increased 3.8 percent. 

During the year the company completed the Les Dérivés Résiniques et Terpéniques (DRT), while also investing 9.5% of revenue in R&D, and launched Dreamwood TM, its fourth white biotechnology ingredient. The company also completed the UN SDG Action Manager assessment, a step towards B.Corp Certification.

THE WHY? According to Firmenich, the year was ‘transformational’ in acquisitions and partnerships, with the DRT purchase said to enhance its portfolio and strengthen its core capabilities. 

Gilbert Ghostine, CEO of Firmenich, said: “Firmenich proved its resilience and leadership during the past year, creating value for its stakeholders, while navigating the unprecedented challenges of COVID-19. We supported our clients across the food, personal, body and home care supply chains to continue to deliver essential products to consumers around the world. “We have continued to invest for growth and completed our largest transaction with the acquisition of DRT, a leader in renewable and sustainable perfumery ingredients. We also accessed the public financial markets for the first time in our history, successfully raising the equivalent of CHF 2.9bn in corporate bonds.”