Givaudan confirms targets after first-half net profit beats poll

ZURICH, Switzerland - Fragrance and flavour maker Givaudan confirmed its mid-term targets after first-half net profit rose 13 percent, helped by strong volume gains and lower operational costs.

The Swiss firm and its peers are benefitting from strong demand for flavours for snacks and ready-to-eat dishes and fragrances for perfumes and detergents, notably in emerging markets, where ever more consumers can afford these products.

Net profit rose to 305 million Swiss francs ($339.76 million), ahead of a forecast for 276 million francs in a Reuters poll.

The company confirmed it wants to outgrow the market over the midterm with underlying sales growth of 4.5-5.5 percent per year.

$1 = 0.8977 Swiss Francs