Scents of achievement as IFF boosts Q1 revenue and profit
US company International Flavors & Fragrances Inc., which has major operations in Haverhill UK, has posted increased revenues and operating profit for the first quarter of 2020.
The Wall Street giant creates flavours and fragrances for consumer products. It has reported net sales for the first quarter of $1.35 billion, an increase of four per cent from $1.30bn year-on-year.
Currency neutral sales increased six per cent, driven by broad-based growth in Scent and Taste.
Reported operating profit for the first quarter was $196.2 million, a 20 per cent increase from $163.9m in 2019. Excluding those items that affect comparability, adjusted operating profit excluding amortisation rose nine per cent on a currency neutral basis led by volume growth, productivity initiatives and integration related synergies.
Andreas Fibig, IFF chairman and CEO, said: “I am incredibly proud of how everyone at IFF has delivered for our customers around the world through the most challenging of circumstances.
“Our strong first quarter performance is a testament to the strength of our business and IFF’s role as an essential partner in the global consumer product supply chain.
“We realised strong top and bottom-line growth, which reflects the breadth of our diverse portfolio as well as the important role we play in the everyday life of consumers.
“Even in the midst of increased demand and a challenging operating environment our teams continued to deliver solid synergies related to the Frutarom acquisition, advanced our DuPont Nutrition & Biosciences integration planning and helped to support those protecting our communities, including through the creation of more than 65 tons of hand sanitiser and the development of a new scent, ‘HOPE 2020,’ in record time.
“Our ability to pivot quickly and adapt our daily operations has enabled us to responsibly operate our business while continuing to meet customer demand, despite a few logistics hurdles around the world.
“As regulatory restrictions aimed at protecting public health shifted worldwide through the quarter we have worked through these challenges to realise minimal disruption across our production and supply chain.
“As we gain more visibility in the second quarter and beyond, we expect to share additional updates on the performance and outlook for our business. We’ve been through challenging and uncertain times before as a company and believe that we're well positioned to successfully manage through this
COVID-19 crisis and emerge as an even stronger company.”
• IFF and New York-quoted DuPont’s Nutrition & Biosciences business expect their previously reported merger to close in the first quarter of 2021.