Symrise AG made a successful start to the new fiscal year. The Group increased its sales in reporting currency by 14.9 % to €1,090.6 million (Q1 2021: €949.6 million). Symrise benefited from the ongoing high demand and positive portfolio and currency translation effects. In organic terms, the Group posted strong sales growth of 8.3 % after the strong quarter in the previous year (10.5 %). A good business dynamic in both segments contributed to this development.

 

“At the start of the year, Symrise has seamlessly continued the positive business trajectory of the prior year. The ordering behavior of our customers clearly indicates that consumers have once again become more active with the reduction of many Coronavirus restrictions. This applies to travel and to areas like gastronomy and leisure. As a result, demand has increased for application areas such as sun protection and fine fragrances, as well as beverages and culinary products,” said Dr. Heinz-Jürgen Bertram, Chief Executive Officer of Symrise AG. “As the year progresses, we will see an increased level of volatility in the business environment due to the war in Ukraine and the ongoing battle against the pandemic. Nevertheless, we expect reliable demand and are convinced that we are well positioned for the coming months. We are consistently implementing our growth initiatives and continue to target organic sales growth of 5 to 7% with an expected EBITDA margin of around 21 % for the current fiscal year.”

 

In spite of the current volatile market environment resulting from the war between Russia and Ukraine, the global supply disruptions and the ongoing tangible impacts of the Coronavirus pandemic, Symrise considers itself well-positioned to continue its profitable growth course. The company has confidence in its robust business model, its diversified portfolio of applications and its broad regional presence and customer base.

 

Symrise therefore confirms its long-term growth and profitability targets and continues to expect that it will grow faster than the relevant market. The company is targeting a compound annual growth rate (CAGR) of 5 to 7%.

 

Profitability is projected to be maintained at a high level for 2022 with an EBITDA margin of around 21%. This objective also applies despite the fact that Symrise expects headwinds on the cost side from rising raw material prices. Over the medium term, Symrise is targeting an EBITDA margin in the range of 20 to 23% until the end of fiscal year 2025.