Givaudan: share pretty odorless after mixed results

(CercleFinance.com) - Givaudan shares (+0.
4%) were trading pretty flat in Zurich on Thursday, as investors struggled to find a direction following the H1 results published by the Swiss flavors and fragrances manufacturer.

This morning the Geneva-based group posted lower EBITDA of 803m CHF for H1, down 2% from the 820m CHF posted last year.

In comparison, the consensus was looking for 781m CHF. The group's operating margin also exceeded expectations, at 22.7% compared with 22.5% in 2022, while net profit rose by 9% in local currencies, to 449m CHF. Top line sales reached 3.5bn CHF, with organic growth of 2.4% falling short of market forecasts.

Sales of fragrances and perfumes rose by 6.4% LFL, although those of the flavors and wellness division fell by 0.9%.

Givaudan also confirmed its MT and LT targets, which include average organic sales growth of 4% to 5%.


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