Symrise AG has reported strong growth in revenues and profit in the third quarter of 2021. The Group recorded organic sales growth of 8.3%. In the first nine months of the current financial year, growth even amounted to 9.2%. Taking into account the portfolio effect from the acquired fragrances business of Sensient as well as currency translation effects, Group sales rose to € 2,883 million during the reporting period (9M 2020: € 2,703 million), up 6.7% compared to the prior-year period and 10.6% in the third quarter. Both segments contributed to this positive result.

 

With its global presence, the continually growing, diversified portfolio and its broad customer base, Symrise considers itself as being robustly positioned despite the ongoing challenging market environment. Symrise has full delivery capability and can reliably meet the strongly rising demand in the wake of successful combatting of the coronavirus pandemic.

 

Based on the positive business development in the first nine months, Symrise is once again raising the sales target and now expects organic growth of around 9% for the full year 2021. This corresponds to an increase of around two percentage points compared to the raised forecast of 7% in August 2021. Symrise thereby highlights its aspiration to once again significantly outperform growth in the relevant market for fragrances and flavors during the current financial year. In the present business environment, current estimates assume market growth of 3 to 4%.

 

Furthermore, Symrise is adhering to its profitability target for the financial year 2021 and is aiming for an EBITDA margin of more than 21%.

 

The medium-term targets continue to be unchanged. The company expects to increase its sales to between € 5.5 and € 6.0 billion by the end of the financial year 2025. Symrise intends to achieve this increase with annual organic growth of 5 to 7% (CAGR) and complementary strategic acquisitions. Profitability over the medium term is projected in the target corridor of 20 to 23%.

 

“We can look back on an exceptionally successful third quarter of 2021. As a result of the progress made in battling the coronavirus pandemic, demand has continued to increase significantly. The demand was particularly high for applications associated with more travel or leisure activities – including, for example, sun protection products, fragrances, but also applications for beverages and culinary products. We are extremely satisfied with our business development since the beginning of the year and we are continuing our accelerated growth path,” said Dr Heinz-Jürgen Bertram, CEO of Symrise AG. “This is why we are once again raising our sales forecast to around 9%. We are confident that we can achieve even more growth than forecasted after six-months and we will make the best possible use of the remaining weeks in 2021 to achieve this target.”