Symrise reports first-quarter 2020 sales

The Symrise Group remains on track for growth in the fiscal year 2020. In the first quarter, sales were up by 8.0% to reach €917.1 million ($997.5 million) compared with €848.8 million for the first quarter of 2019. All segments contributed to this positive development and posted gains despite the challenging global economic conditions under COVID-19. In organic terms, sales were up 2.3% after strong comparative figures in the prior-year quarter.

“The COVID-19 pandemic is proving a tough test for the global economy. Symrise has put measures in place at all of its locations to provide employees and partners with optimal protection against the virus,” said Heinz-Jürgen Bertram, CEO of Symrise AG. “This crisis again underscores the resilience and balance of our business model. With our broad range of product solutions for foods and beverages, personal care, and hygiene, we serve especially in these times the needs of everyday life.”

In the flavor segment, which supplies flavor ingredients for foods and beverages, sales increased by 2.2% to €322.6 million ($350.9 million) compared with €315.6 million in the first quarter of 2019. Adjusted for exchange rate effects and after a strong prior-year quarter, organic growth in the segment amounted to 1.6%.

In the nutrition segment, which includes Diana (food, pet food, and probiotics applications) and the activities of ADF/IDF, sales increased by 36.2% to €226.1 million ($245.9 million) compared with €165.9 million in the first quarter of 2019. Acquired in 2019, ADF/IDF contributed €52.5 million to total segment sales in the period under review.

Symrise expects that the COVID-19 crisis will temporarily change consumer behavior in parts and lead to a shift in the portfolio. Many of the products that are currently in greater demand address essential daily needs in connection with nutrition, personal care, and hygiene.

The longer-term goals remain in effect until the end of 2025. Symrise aims to increase its sales to €5.5–6 billion. The company intends to achieve this increase through annual organic growth of 5%–7% (CAGR) and additional targeted acquisitions.