(Reuters) – German flavour and fragrance maker Symrise raised its outlook for full-year sales for the second time this year on Wednesday, after beating nine-month sales forecasts, citing rising demand in its core businesses such as cosmetics and pet food.
The company, whose fragrances go into the perfumes of French luxury giants LVMH and Kering, expects its sales to rise more than 10% on a like-for-like basis in 2022, compared with a growth of significantly above 7% it had forecast in August.
Symrise has managed to pass on the bulk of higher input costs to customers so far this year, while demand for its products remained robust, particularly in the pet food segment.
Its nine-month revenue rose 11.3% organically to 3.49 billion euros ($3.48 billion), slightly ahead of analysts’ average forecast of 3.44 billion in a company-provided poll.
The group said the pet food division continued its high double-digit percentage growth, with all regions contributing to the strong sales performance.
The Frankfurt-listed company confirmed its forecast for a core profit (EBITDA) margin of 21% for the full year, compared with 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)
(Reporting by Jagoda Darlak and Linda Pasquini in Gdansk; Editing by Christopher Cushing and Milla Nissi)