Strong Symrise reults driven by gains in personal care and fragrances
The Germany-based company reported that group sales grew by 6% to €1.83bn, which in terms of local currency meant a rise of 10% when not factoring in negative currency translations.
Profitability also increased in line with revenue growth, as EBITDA also rose by 10% to reach €373m, while the EBITDA margin grew from 19.5% in 2012, to reach 20.4 in 2013, and net income for the year was an all-time high of €172m.
Scent and care benefit from consumer market growth
The company pointed out that scent and care had performed particularly well during the year, benefiting from a generally positive consumer market worldwide, coupled with a strong performance of the menthol and fragrance activities acquired from the Belmay group.
The results also showed how emerging markets had played an important part in the revenue growth, with local currency revenues rising by 11% during the course of the year.
Symrise CEO Dr. Heinz-Jürgen Bertram pointed out that the results came despite volatile global market conditions, and also pointed out how the group’s expanded fragrance operation in the US had also played a part in the revenue growth.
Symrise builds on a 'focused expansion'
“Ten years after its founding, Symrise holds a leading position in all of its market segments,” said Bertram.
“This is the result of our focused expansions, the diversification of our customer base and our innovative portfolio. Symrise is thus well-positioned to maintain its excellent growth and earnings trajectory as it opens the next chapter of its corporate development.”
In the scent and care division sales grew by to reach €960.4m, which represented growth of 13% at local rates.
Menthol, fragrance demand and the US all strong
The company said that the division expanded both organically, as well as through acquisitions of the new businesses, with the main benefits coming from menthol and fragrance demand, with the latter being boosted by the Belmay acquisition.
Strong gains were also seen for the scent and care division in the Asia Pacific region, where revenues were up by 14% during the year.
Looking ahead to the full year 2014, the company is targeting ‘above-average growth’, with both divisions expected to contribute to this improvement. Although some of the emerging markets have shown signs of a slow-down, the company expects to exceed the average industry growth rate of 2 – 3%.