Leading flavour & fragrances supplier Givaudan has reported that sales for the first six months of the year were CHF 2.67 bn (USD 2.70 bn), an increase of 5.6 % on a like-for-like basis and 7.7 % in CHF. Yet, the company saw its first-half profit slip 3.4 % as foreign currency losses in countries including Argentina dented its results.

Givaudan continued the year with good business momentum and with the project pipeline and win rates being sustained at a high level. This good growth was achieved across all product segments and geographies.

Gross profit increased by 4.4 % from CHF 1,132 m in 2017 to CHF 1,182 m in 2018. Despite continued productivity gains and cost discipline, the gross margin declined to 44.2 % in 2018, compared to 45.6 % in 2017, as a result of a lower gross margin in the Fragrance Division.