April 9, 2019 / 5:18 AM / 5 months ago

UPDATE 1-Givaudan aims to outpace market after beating poll in Q1

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ZURICH, April 9 (Reuters) - Fragrance and flavour maker Givaudan said it was aiming to outpace the market with 4-5 percent sales growth after recent acquisitions and solid demand boosted business in the first quarter of 2019.

Givaudan, which makes flavours for food and drinks and fragrances for perfumes and washing powder, is benefiting as its customers increase the pace of innovation, particularly for natural ingredients.

“We aim to outpace the market with 4-5 percent sales growth,” the company, which competes with Germany’s Symrise and U.S.-based IFF, said in a statement on Tuesday, adding it would continue to do targeted acquisitions, on top of the nine announced since 2014, and would also keep raising prices to make up for higher raw materials costs.

Sales were up 6.3 percent on a like-for-like basis, ahead of a forecast for 5.3 percent in a Reuters poll. On a reported basis, including acquisitions, they rose 16.6 percent to 1.525 billion Swiss francs ($1.53 billion).

Sales in Givaudan’s flavour division rose 4.3 percent, with double-digit growth in health and well-being and single-digit growth in naturals. The fragrance unit grew by 8.7 percent, driven by volume and price increases to compensate for higher input costs and double-digit growth in sales of fine fragrances for perfumes. ($1 = 0.9987 Swiss francs) (Reporting by Silke Koltrowitz)

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