Today, Givaudan Group reported robust financial performance for the first half of 2024, with sales reaching CHF 3.737 billion ($4.2 billion). This marks a significant increase of 12.5% on a like-for-like (LFL) basis and a 5.7% rise in Swiss francs. The company demonstrated strong business momentum, supported by a healthy project pipeline and a highly maintained global supply chain.
Growth was evident across all product segments, geographies, and customer groups. High growth markets experienced a remarkable 20.5% increase on a LFL basis, while mature markets saw a 6.0% LFL growth.
Specifically, in Fragrance & Beauty, this segment achieved sales of CHF 1.826 billion ($2.1 billion), an increase of 15.3% LFL and 9.2% in Swiss francs. Fine Fragrance sales rose by 14.9% LFL, despite a high prior-year growth of 16.2%. Consumer Products sales increased by 17.3% LFL, and sales of Fragrance Ingredients and Active Beauty grew by 8.0% LFL.
The operating income increased to CHF 729 million ($819 million), a 24.4% rise from CHF 586 million ($658.37 million) in 2023. In local currency terms, operating income saw a substantial 40.1% increase. Consequently, the operating margin improved to 19.5% in 2024, up from 16.6% in 2023.
On a regional basis, sales increased in all regions: Asia Pacific by 9.3% LFL; South Asia, Africa and the Middle East by 12.5% LFL; Europe by 5.5% LFL; North America by 4.5% LFL and Latin America by 32.6% LFL.
The company has set ambitious targets, aiming for an organic sales growth of 4-5% LFL and a free cash flow of at least 12%, averaged over the five-year strategy cycle.
