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Symrise Q1 2010 Sales, Net Earnings Boosted by Resurgence in Fragrance and Mature Markets
Posted: May 6, 2010
Citing growth across all divisions and regions and customer restocking, Symrise reported first quarter 2010 sales of €391 million, a gain of 12.8% compared to the same period 2009. Scent and care sales for the period totaled €204.8 million (Q1 2009: €179.8 million), while flavor and nutrition totaled €186.2 million (Q1 2009: €166.9 million). Net earnings for the period jumped to €40.4 million. Other highlights:
- Emerging markets now account for 44% of sales.
- Mature markets such as Western Europe and the the United States are recovering, as is the overall EAME region.
- The strongest growth in sales, 18 %, were generated in the Asia-Pacific region.
- Latin American sales grew by 7%.
- Sales with the 10 largest customers rose 13%, generating 30% of group sales.
- Scent and care division sales rose 10% with the 10 largest customers, primarily due to regained strength in fine fragrance and luxury personal care.
“The clearly visible recovery of the market during the second half of 2009 continued into the first quarter," said Heinz-Jürgen Bertram, CEO, Symrise. "Symrise took advantage of the noticeable increase in customer demand to get off to a successful start in the 2010 financial year. The strong position we enjoy with respect to major customers and robustly growing emerging markets is again reflected in our above-average rate of growth. We are also pleased about the very positive development of markets in both Western and Eastern Europe.”