Givaudan reported CHF 3,737 million in sales for the first six months of 2024, an increase of 12.5% on a like-for-like (LFL) basis and 5.7% in Swiss francs. The company states that strong growth was achieved across all product segments, geographies and customer groups, with the high-growth markets growing at 20.5% on a LFL basis and the mature markets growing at 6.0% LFL. Givaudan also reported a net income of CHF 588 million, an increase of 30.9% over 2023. Readers can find segment sales highlights below.
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Givaudan reported CHF 3,737 million in sales for the first six months of 2024, an increase of 12.5% on a like-for-like (LFL) basis and 5.7% in Swiss francs. The company states that strong growth was achieved across all product segments, geographies and customer groups, with the high-growth markets growing at 20.5% on a LFL basis and the mature markets growing at 6.0% LFL. Givaudan also reported a net income of CHF 588 million, an increase of 30.9% over 2023. Readers can find segment sales highlights below.
Fragrance & Beauty Sales
Fragrance & Beauty sales were CHF 1,826 million, an increase of 15.3% LFL and 9.2% in Swiss francs:
- On a business unit basis, Fine Fragrance sales increased by 14.9% LFL against a high prior year comparable growth of 16.2%
- Consumer Products sales increased by 17.3% LFL
- Sales of Fragrance Ingredients and Active Beauty increased by 8.0% LFL
Taste & Wellbeing Sales
Taste & Wellbeing sales were CHF 1,911 million, an increase of 9.9% LFL and 2.6% in Swiss francs. On a regional basis, sales increased in all regions:
- Asia Pacific by 9.3% LFL; South Asia, Africa and the Middle East by 12.5% LFL; Europe by 5.5% LFL; North America by 4.5% LFL and Latin America by 32.6% LFL
- Double-digit growth in snacks and beverages, as well as good momentum in sweet goods, dairy and savory
- The gross profit increased by 13.7% from CHF 1,448 million in 2023 to CHF 1,646 million in 2024
- The gross margin in the first half of 2024 improved as a result of higher cost absorption due to higher volumes as well as the margin improvement measures taken under Givaudan's Performance Improvement program initiated in 2023 with a reported gross margin increased to 44.1% in 2024 compared to 41.0% in 2023
Executive Committee Updates
Givaudan announces the appointment of Stewart Harris, currently head of Corporate Finance & Business Development, as chief financial officer (CFO) effective August 1, 2024. Harris succeeds Tom Hallam, who will retire as CFO on January 31, 2025. Hallam will steward the change until January 2025 to provide management advice and support on some strategic projects. The following write-ups were shared by Givaudan:
Stewart Harris is a British national, born in 1969. He joined Givaudan as Group Treasurer in 2009 following a successful career at DSM Nutritional Products and Roche. Stewart graduated from a KPMG accountancy traineeship in Glasgow, UK and subsequently qualified as a fellow of the Chartered Association of Certified Accountants. He will become CFO and a member of the Givaudan Executive Committee effective August 1, 2024. Harris has over 30 years of experience in corporate and regional Finance management, including financial reporting, compliance and risk management, planning and management of business development activities, as well as the company’s five-year strategy development process. Over the past 8 years, Harris has been responsible for leading the Company's M&A activities. He was instrumental to the completion of many of Givaudan's successful acquisitions, contributing to fuelling growth and transformation.
Tom Hallam will retire following a distinguished 35-year career in finance, culminating in his 8-year tenure as CFO at Givaudan. Tom Hallam began his career in the UK working in various industries and positions. He joined Givaudan in 2008 as Group Controller, based in Vernier, Switzerland with responsibility for financial reporting and compliance, strategic planning and management of Givaudan’s business development process before being nominated Chief Financial Officer in 2017. He was instrumental in steering Givaudan to achieve its ambitious financial targets while bringing a new level of excellence to the finance function. He leaves a legacy of financial success and expertise as well as a strong and efficient global finance organization, enabling Givaudan to pursue its strategy and deliver value in the long term.
