(CercleFinance.com) – Givaudan, a Swiss manufacturer of flavors and fragrances, generated sales in the first quarter broadly in line with expectations despite the unfavorable effect of the strength of the Swiss franc on its accounts.
The Geneva group announced Thursday that its like-for-like sales had increased by 3.6% to 1.77 billion Swiss francs over the first three months of the year, while analysts were anticipating growth of 2.6%.
The unofficial consensus was still around that level, however, according to market sources.
Expressed in Swiss francs, quarterly sales fell by 0.4%.
In its press release, Givaudan considers that it has made a good start to the year despite the surge in its production costs, which have forced it to pass on inflationary pressures to the prices invoiced to its customers.
In detail, sales of its perfume and beauty branch increased by 6.8% on a like-for-like basis to 837 million, while those of the aromas and well-being division rose by 1%.
The Swiss group has confirmed its medium-term objectives, which notably target like-for-like growth of 4% to 5% over a period of five years.
The title lost 0.3% following this publication, thus evolving in the soft underbelly of an SMI stock market index which progressed by less than 0.1%.
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