UPDATE 1-Symrise raises 2021 outlook as luxury, out-of-home demand up

Reuters
·1 min read

(Adds detail, quote)

Aug 5 (Reuters) - German flavour and fragrance maker Symrise on Thursday raised its full-year outlook, citing increased demand for ingredients used in luxury perfumes and cosmetics as well as in out-of-home consumption.

The company, whose fragrances go into the perfumes of luxury giants LVMH and Kering, targets a like-for-like growth in sales higher than 7% and earnings before interest, tax, depreciation and amortisation (EBITDA) margin above 21%.

It previously expected sales to rise 5% to 7% and an EBITDA margin of 21%.

The pandemic boosted demand for staple goods and cooking-at-home ingredients last year but dented sales of fragrances, sunscreen, beverages and sweets associated with dining out as lockdowns kept people at home.

"The progress made in combating the worldwide coronavirus pandemic had a positive impact on our business during the second quarter. Demand increased significantly in many areas," Chief Executive Heinz-Juergen Bertram said in a statement.

First-half revenue rose 9.7% on a like-for-like basis to 1.91 billion euros ($2.26 billion), in line with a company-provided consensus of 1.91 billion euros.

The EBITDA margin stood at 22.0%, also in line with a company-provided consensus of 22.0%. ($1 = 0.8450 euros) (Reporting by Silvia Recchimuzzi in Gdansk; Editing by Ramakrishnan M. And Barbara Lewis)

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