Symrise Reports Strong Start to 2024 with Enhanced Sales and Growth Projections

Symrise AG reported a robust beginning to the 2024 fiscal year with significant growth in sales and confirmed its targets for 2024 and beyond. Achieving a 5% increase in sales from the previous year, the company registered a total of €1.3 billion in the first quarter. The sales growth was primarily attributed to an organic growth rate of 10.9%, driven by increased volumes across its divisions.

Dr. Jean-Yves Parisot, the CEO, highlighted the company's optimism and resilience amidst market volatility. Symrise’s diversified portfolio and global presence have positioned it well to continue its growth trajectory and meet its long-term targets, aiming for sales of €7.5 to €8.0 billion by 2028.

The Scent & Care division saw a 13.7% increase in sales, boosted by strong demand in the luxury fragrance segment and cosmetic ingredients. The Taste, Nutrition & Health segment maintained stable sales despite minor currency challenges, propelled by strong growth in savory product applications and pet food, particularly in Latin America and the Asia/Pacific regions.

Targeting an EBITDA margin of around 20% for 2024, Symrise is optimistic about its profitability outlook based on stable raw material costs and an efficiency program that includes strict cost management across the company.