GENEVA, Switzerland— Givaudan released its first quarter 2010 (1Q10) financial results, posting sales of CHF 1.07 billion (US$1 billion), an increase of 10.6 percent in local currencies compared to the comparable quarter in 2009. Sales were up in both the Fragrance and Flavour divisions. Sales in developing markets showed strong momentum, while sales in mature markets continued to improve. The company noted it is aiming on growth initiatives, and expects to reach its pre-acquisition EBITDA margin level of 22.7 percent by year’s end.
The Fragrance Division recorded sales of CHF 495.7 million (US$464 million), up 14.3 percent in local currencies and 13.1 percent in Swiss francs. Double-digit growth was seen in all fragrance product categories, likely due in part to a re-stocking element after the de-stocking patterns seen in early 2009. Sales for fragrance ingredients were up 18 percent compared to 1Q09, the consumer products business unit grew 10.5 percent, and fine fragrance sales jumped 26.9 percent.