Givaudan - Strong delivery as COVID impacted segments recover

Davy Research
/Read Important Disclosures

A sharp recovery in COVID impacted segments drove Q2 growth at Givaudan, led by Fragrance and Beauty. Congruently, mature markets delivered an acceleration in Q2 growth and outperformed high-growth markets. Headline EBITDA and organic sales growth were broadly in line with our forecasts and confirm strong operational delivery. We envisage no material change to FY21 forecasts.