Sales and Profits Surge for Symrise

Crediting a global economy recovery that was “particularly evident” in fine fragrance and personal care, Symrise more than doubled its net income in the second quarter as sales grew 20.1%. Group sales totaled 406.5 million euros, or $518.7 million, in the second quarter. Net income hit 48.4 million euros, or $61.8 million, while earnings before interest and taxes rose 83 percent to 71.2 million euros, or $90.9 million.

The Scent & Care division, which generates more than half of group sales, reported a 26.4% gain in the quarter to 207.1 million euros, or $264.3 million.

Sales to the company’s top 10 customers rose 15% in local currency in the first half of 2010, and all geographic regions posted double-digit growth in the six-month period.

Based on the strong first-half performance, Symrise has upgraded its full-year guidance. The group is projecting sales growth in local currency terms of at least 8% and an EBITDA margin of more than 20%, assuming raw-material prices remain at last year’s levels.