Symrise Q1 Report 2024
Symrise sees a successful start into the 2024 fiscal year
Sales of Scent & Care, the business with fragrance applications, aroma chemicals, and cosmetic ingredients, increased by 13.7 % year on year to € 516.4 million (Q1 2023: € 454.0 million). In organic terms, sales rose by 16.9 %.
In the Fragrance division, growth remained dynamic in the luxury segment. The Fine Fragrance business unit benefited from this, recording high double-digit percentage growth compared to the same quarter the previous year. Sales of the Consumer Fragrance business unit also grew by a double-digit percentage, driven by body care and household products.
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.
Symrise has already implemented a series of measures aimed at increasing profitability, including an efficiency program with strict company-wide cost management. Assuming that raw material costs remain largely stable, the company is anticipating an EBITDA margin of around 20 % in 2024. In the medium term, Symrise is aiming to achieve an EBITDA margin in the range of 20 % to 23 %. A Business free cash flow of around 12 % in relation to sales is targeted for 2024. The company is aiming for a figure of 14 % in the medium term.
highlights
- Organic growth of 10.9 %
- Sales growth of 5.0 % in reporting currency
- Group sales increase to € 1.3 billion in the first quarter
- 2024 targets and long-term targets through to 2028 confirmed
