HOLZMINDEN (dpa-AFX) - The fragrance and flavor manufacturer Symrise wants to become more profitable again in 2024. With growth above that of the relevant market, which is expected to be 3 to 4 percent, an earnings margin before interest, taxes, depreciation and amortization (EBITDA) of around 20 percent is to be achieved, as the DAX-listed company announced on Wednesday. In 2023, the corresponding adjusted margin fell by almost one percentage point to 19.1 percent. The DAX-listed company felt the effects of a reduction in inventories on the customer side and negative currency effects. Inventories also had to be devalued due to lower raw material prices.

Symrise's earnings increased by 2.4 percent to 4.73 billion euros in 2023. Analysts had expected this level. Excluding exchange rate effects as well as acquisitions and disposals of business units, the increase amounted to 7.9 percent.

The operating result fell slightly to 903.5 million euros. The previous year's figure excludes an impairment of the Swedish subsidiary Swedencare. The bottom line was a net profit of 340 million euros, 16% less than in 2022. The dividend is nevertheless set to rise by 5 cents to 1.10 euros./mis/stk