HOLZMINDEN (dpa-AFX) - Symrise AG (SYIEY.PK, SYIEF.PK) on Wednesday confirmed its outlook for the fiscal year 2019 and said it remains on track for strong growth, after it reported 9.3 percent growth in sales for the first quarter, as all segments benefited from good demand. Organic sale grew 8.2 percent, adjusted for exchange rate effects.
The supplier of fragrances, flavorings and cosmetic active ingredients, recorded sales of 848.8 million euros, compared to 776.9 million euros last year.
While sales for Scent & Care segment rose 10.7 percent to 367.3 million euros, sales for Flavor segment increased 8.3 percent to 315.6 million euros. The Nutrition segment witnessed 7.9 percent rise in sales to 165.9 million euros.
Looking ahead, Symrise confirmed its targets for the fiscal year and said it plans to exceed the anticipated worldwide market growth rate for 2019, which is projected by experts to be between 3 percent and 4 percent.
As per its updated long-term targets, the Group said, its objective is to increase sales to about 5.5 billion - 6.0 billion euros by the end of 2025, to be achieved through annual organic growth of 5 percent - 7 percent (CAGR) and additional targeted acquisitions.
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