(Stocksak). German fragrance and flavour maker Symrise has raised its outlook for full year sales for the second consecutive year. The company beat nine-month forecasts for sales and cited rising demand in its core products, such as cosmetics and pet foods.
The company’s perfumes are used by luxury French giants LVMH. Kering (EPA:), expects sales to increase by more than 10% in 2022 on a like for like basis, compared with the growth of significantly over 7% it had predicted in August.
Symrise has so far been able to pass on the majority of its higher input costs to customers this year. However, demand for its products remains strong, especially in pet food.
Its nine-month revenue rose 11.3% organically, to 3.49 billion euro ($3.48 billion), slightly more than analysts’ average forecast of 3.44 trillion in a company-provided survey.
The group stated that the pet food division maintained its high double-digit percentage increase, with all regions contributing to the strong performance.
Frankfurt-listed company confirmed its forecast of a core profit margin (EBITDA), of 21% for the entire year, compared to 21.3% in 2021.
The stock edged up 2.8% in Lang & Schwarz premarket trade, and was indicated among the top performers on the German blue-chip index.
($1 = 1.0035 euros)