08.02.23
Symrise continued its growth course in the first half of 2023 and achieved a sales increase of 6.8% to $2.6 billion compared with H1 2022, which was $2.47 billion.
Excluding portfolio and exchange rate effects, sales increased organically by 8.0%. Both segments contributed to this positive development and grew sales in a tense global economic environment.
“Symrise has a proven and stable business model with comparatively low risk content,” said Dr. Heinz-Jürgen Bertram, CEO of Symrise AG. “The Group is broadly diversified and robustly positioned. However, persistently high inflation has resulted in cost increases. The company has been able to partially offset until now through strict cost management and price increases. Nevertheless, we are starting the second half of the year with confidence. With the expansion of our production capacities and the collaboration with Sunner in China as well as with Swedencare, we are reinforcing our leadership position in the pet food and pet care businesses. Symrise recently inaugurated a new creation hub in Shanghai for Fine Fragrances and a center of expertise in Paris for Cosmetic Ingredients. These measures reflect our ambition to enhance our competitiveness in a sustainable way.”
Scent & Care achieved organic sales growth of 2.4 % in the first half of 2023. Taking into account portfolio and exchange rate effects, sales in the first half of 2023 amounted to $969 million (H1 2022: $944 million) in the reporting currency, 2.7 % higher than the same period of the previous year. The portfolio effects from the acquisitions of Groupe Néroli and Romani contributed around $16.4 million to sales.
The fragrance division increased its sales organically by a single-digit percentage in the first half of 2023. The business unit fine fragrances continued its dynamic development, once again achieving double-digit percentage organic growth following a strong previous year. The growth rates were particularly pronounced in the EAME and Latin America regions. The business unit Consumer fragrance achieved single-digit percentage growth. Like in fine fragrances, the EAME and Latin America regions recorded strong growth. Sales in the oral care business unit in the first half of the year matched the previous year’s level.
In the first half of 2023, sales growth in the Aroma Molecules division was impacted especially by a difficult market environment and the production shutdown at Colonel Island. Moreover, demand for fragrance ingredients and menthol was adversely affected by customer destocking. Overall, volumes were significantly down compared to the previous year.
Sales in the Cosmetic Ingredients division continued to develop well in the first six months of the current year, with organic growth again in the double-digit percentage range. The EAME, Asia/Pacific and Latin America regions increased sales significantly. Sun protection products and Micro protection recorded the strongest growth.