Givaudan exceeds 2024 sales estimates with strong growth across markets

(Reuters) -Swiss fragrance and flavour maker Givaudan reported annual sales slightly above analysts’ expectations on Friday, citing continued strong sales growth across its markets, and said it would most likely exceed the upper end of its growth target for 2021-2025.

Its full-year revenue rose 12.3% on a like-for-like basis to 7.41 billion Swiss francs ($8.19 billion), compared with analysts’ average forecast of 7.39 billion in a poll compiled by the company.

Strong sales growth has boosted Givaudan’s profitability last year, with an exceptionally strong fragrance business leading the way.

“We are very pleased with our financial performance in 2024, driven by a high level of volume related sales growth across all markets, segments and customer groups,” CEO Gilles Andrier said in a statement.

The group, which makes fragrances for perfumes and flavours for food and drinks, said that based on average like-for-like sales growth of 7.2% in the last four years, it expected to exceed the upper end of its 4-5% target for the five-year guidance period.

Givaudan proposed a dividend of 70 francs per share for 2024, 2.9% higher than what was paid last year.

($1 = 0.9051 Swiss francs)