German manufacturer of flavourings, fragrances and cosmetic active ingredients, Symrise, announced lower sales during the third quarter (Q3) of 2008 compared to strong Q3 in 2007. “ Sales fluctuated due to economic uncertainties in ordering environment, growth was lower than expected in luxury segments and impacted product/margin mix,” the company said.
Despite the current uncertainties on the world’s markets Symrise still expect sales growth of 6 % to 7 % at local currency for the year as a whole. The company is confident that it will be able to achieve an EBITA at local currency on the same high level as last year and correspondingly expects an EBITDA margin of approximately 20 %.
In the first nine months, most of the growth comes from Flavor & Nutrition sales, which grew by 10.9 % at local currency (6.9 % at actual rates). Sales growth for the first nine months 2008 in Scent & Care was 1.7 % at local currency (down 2.3 % at actual rates). « Fine Fragrances and the luxury end of Personal Care confronted weaker demand, especially in Western markets, » the company commented. « In emerging markets we succeeded in growing sales at local currency by 5 % in the first nine months, » they added.
