Feb 16, 2010
Givaudan profit rises 79 pct, confident on 2010
Feb 16, 2010
ZURICH, Feb 16 (Reuters) - Swiss flavours and fragrances maker Givaudan's (GIVN.VX) full-year net profit rose 79 percent to 199 million Swiss francs ($185 million), helped by returning consumer confidence and broadly in line with forecasts.
Givaudin - Photo: www.givaudin.com
Givaudan, which makes ingredients for designer perfumes such as Calvin Klein and Burberry, said on Tuesday 16 February it was confident of growing faster than the wider market and hitting its operating profit margin target of 22.7 percent in 2010.
The maker of ingredients for soaps, confectionery and soft drinks escaped much of the impact of the recession, but was still hit by customers running down stocks in the first half.
The group trades at nearly 14 times forecast 2011 earnings, a small premium over U.S. rival International Flavors and Fragrances (IFF.N), but a discount to Germany's Symrise (SY1G.DE).
Givaudan, which proposed a 2009 dividend of 20.60 francs per share, had been expected to post net profit of 205 million francs and pitch a dividend of 19.43 francs, according to a Reuters poll. [ID:nLDE6192QK] (Reporting by Sam Cage)
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