VERNIER (dpa-AFX) - Givaudan (GVDBF.PK), a Swiss manufacturer of fragrance and flavor products, reported that its sales for the first three months of 2019 were 1.525 billion Swiss francs, an increase of 6.3% on a like-for-like basis, and 16.6% in Swiss francs compared to the previous year.
Fragrance Division sales were 677 million francs, an increase of 8.7% on a like-for-like basis and an increase of 12.1% in Swiss Francs.
Flavour Division sales were 848 million francs, an increase of 4.3% on a like-for-like basis and an increase of 20.4% in Swiss Francs.
Sales in Asia Pacific increased by 3.4% on a like-for-like basis. The high growth markets of Indonesia, Malaysia, Philippines and Vietnam all delivered double-digit growth followed by single-digit growth in India and Thailand.
Sales in Europe, Africa and the Middle East increased by 2.7% on a like-for-like basis. Double-digit growth was achieved in the mature markets of UK & Ireland and Spain.
Sales in North America increased by 1.3% on a like-for-like basis. The performance was a result of new wins and the growth of existing business in Beverages, Snacks and Sweet Goods.
Sales in Latin America increased 23.7% on a like-for-like basis, led by strong double-digit growth in Brazil, Mexico, Columbia and Argentina and across all segments.
Givaudan said, 'The company's 2020 ambition is to create further value through profitable, responsible growth. Building on the first three years of this strategic cycle, Givaudan's 2020 ambition is defined around the three strategic pillars of 'Growing with our customers', 'Delivering with excellence' and 'Partnering for shared success'.
As part of the Company's 2020 strategy, Givaudan said it also seeks to create value through targeted acquisitions, which complement existing capabilities in providing winning solutions for customers.
The company said its aim to outpace the market with 4-5% sales growth and a free cash flow of 12-17% of sales, both measured as an average over the five-year period of our strategy cycle. It is Givaudan's intention to maintain its current dividend practice as part of this ambition.
Copyright RTT News/dpa-AFX