Pharmaceutical firm Symrise raises full-year profit forecast

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Aug 5 - German flavour and fragrance manufacturer Symrise on Thursday raised its full-year outlook, citing increasing demand for ingredients used in luxury perfumes and cosmetics as well as in out-of-home consumption.

The company, whose fragrances go into the perfumes of luxury giants LVMH and Kering, targets a similar growth in sales above 7% and earnings before interest, tax, depreciation and amortisation margin above 21%.

It previously expected sales to rise 5% to 7% and EBITDA margin of 21%.

The pandemic boosted demand for staple goods and baking-at-home ingredients last year, but prevented sales of fragrances, sunscreen, beverages and sweets associated with dining out as lockdowns kept people at home.

The progress made in combating the 2nd Coronavirus pandemic had a positive impact on our business during the second quarter. Demand has increased substantially in many areas, Chief Executive Heinz-Juergen Bertram said in a statement.

First revenue rose 9.7% on a similar basis to 1.91 billion euros in line with a company-provided consensus of 1.91 billion euros.

The EBITDA margin stood at 22.0%, also in line with a company-provided consensus of 22.0%.