HOLZMINDEN (dpa-AFX) - Symrise AG (SYIEY.PK, SYIEF.PK), a supplier of fragrances, flavorings and cosmetic active ingredients, reported Tuesday that its group sales for the nine-month period increased 7.1 percent to 2.55 billion euros from last year's 2.38 billion euros.
The company recorded strong performance in all segments benefited from good demand.
Scent & Care, the business activities with fragrance and cosmetic ingredients applications, achieved a 7.1 percent increase in sales to 1.07 billion euros. The segment posted organic growth of 5.6 percent.
In the Flavor segment, which supplies flavors for foods and beverages, sales increased 5.8 percent to 965.5 million euros. Adjusted for exchange rate effects, organic growth amounted to 4 percent.
The Nutrition segment, which includes the Diana division, achieved a 9.4 percent increase in sales to 516.0 million euros. In local currency, the organic growth was higher, at 10 percent.
Looking ahead for the remaining weeks of this year, the company said it is in a good position and are confident to achieve growth and profitability targets for 2019.
Symrise continues to expect sales growth of 5 to 7 percent and to exceed the growth rate of the relevant market by a significant margin again this year. The market is projected to grow at a rate of 3 to 4 percent worldwide.
In addition, Symrise still expects EBITDA margin of approximately 2 percent.
For the long term, Symrise aims to increase its sales from around 5.5 billion euros to 6.0 billion euros by the end of 2025. This is to be achieved through organic growth at an annual rate of 5 to 7 percent combined with additional targeted acquisitions.
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