EQS-News

Symrise sees successful start into the 2024 fiscal year - Seite 2

The Aroma Molecules division likewise posted double-digit growth in the first quarter. Last year, the production shutdown at Colonels Island in the USA, the difficult market environment and high customer inventories led to a decline in sales volumes. The picture has changed in the first three months of the new fiscal year. There was strong demand for all product groups, including menthol, terpenes and specialty aroma chemicals.

In the first quarter of the current year, sales in the Cosmetic Ingredients division developed at the customary strong pace with double-digit percentage organic sales growth. The main drivers of this growth were the EAME (Europe, Africa, Middle East) and Latin America regions. The Sun Protection and Micro Protection business units in particular saw strong gains.

Taste, Nutrition & Health: Substantial growth in applications for savory products and pet food

The Taste, Nutrition & Health segment, in which Symrise consolidates flavor solutions for food and beverages, pet food and healthy nutrition, grew sales organically by 7.5 %. Due to negative currency effects of € 55.1 million, sales in the reporting currency dipped by 0.1 % to remain almost constant at € 775.2 million (Q1 2023: € 776.1 million). The Latin America and EAME regions were the growth drivers.

The Food & Beverage division with its Beverages, Sweet and Savory business units achieved medium single-digit percentage growth rates. Out of it, Savory product applications posted a double-digit growth.

The Pet Food division also saw double-digit percentage growth rates. The strongest growth momentum came from the Latin America and Asia/Pacific regions. The addition of capacities in growth markets is continuing and will provide the foundation for further international business expansion.

Symrise reaffirms growth and profitability targets

Symrise reaffirms its long-term growth and profitability targets for 2024. The company continues to expect that it will grow faster than the relevant market, for which long-term growth of around 3 % to 4 % is forecasted. The company’s long-term organic growth expectation is unchanged at 5 % to 7 % (CAGR). By the end of 2028, Symrise is seeking to achieve sales of € 7.5 billion to € 8.0 billion.