Double-digit Growth in all Regions Boosts Symrise 1H 2010
Posted: August 10, 2010
Driven by a general improvement in the world economy, new orders, product launches and strength in emerging markets (now accounting for 46% of sales), Symrise reported double-digit growth in every region, leading to first half 2010 sales of €797.5 million, up 16.4% from €685.1 million in the same period 2009.
Led by key customers (up 12.8% in local currency), fine fragrance, personal care, scent and care sales totaled €411.9 million, a gain of 19.9% year-over-year. Sales rose in the double digits in Europe, Africa, the Middle East, North America and Asia/Pacific, and by 9% in Latin America.
“Our customers’ order patterns have normalized again compared to 2009, and we were in particular able to expand our business with our key customers," said Heinz-Jürgen Bertram, CEO, Symrise. "The encouraging developments of the first six months have given us cause for optimism for the second half of 2010. At the same time, we continue to keep an eye on market developments. We aim to grow faster than the market as a whole and are currently forecasting at least 8% sales growth at local currency.”
Growth by region was as follows: Asia/Pacific, 21%; Latin America 20%; Europe/Africa/Middle East (EAME), 15%; and North America, 14%. Sales with top 10 customers rose by 15% at local currency, accounting for 30% of total sales. Group EBITDA for the period rose 50% to €177.7 million, while group EBITDA margin reached 22.3%. For full year 2010 the company now expects to grow sales by "at least" 8%.