Following growth in the first nine months, the fragrance and flavor manufacturer Symrise has specified its targets for the year.

The company, headquartered in Holzminden, Lower Saxony, is now aiming for organic sales growth of around seven percent instead of the five to seven percent range that Symrise is still targeting as its long-term goal. "Despite the current volatile market environment as a result of geopolitical tensions and a generally still elevated inflation rate, we are also confident for the rest of the year and expect robust demand," said CEO Jean-Yves Parisot on Thursday. "We are firmly convinced that we have set the right course for the future."

The competitor of Givaudan, DSM-Firmenich and International Flavors & Fragrances increased its revenues by 5.9 percent to 3.82 billion euros in the first nine months, with a 6.4 percent increase in the third quarter. "Symrise was able to seamlessly continue the positive business development of the past months in the third quarter," explained Parisot. All segments contributed to the growth. The strongest growth was recorded in the Latin America region with 27.4 percent, followed by Asia-Pacific and Europe, Africa, Middle East with around eleven percent each. The main growth drivers were the Food & Beverage, Fragrance, Aroma Molecules and Pet Food divisions.

(Report by Philipp Krach. Edited by Olaf Brenner. If you have any queries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)