Fine fragrance drives Firmenich's 'record' annual results

Fragrance and taste company Firmenich has released its financial results for the year ending 30 June 2022, revealing a 11.1% rise to £4 billion (CHF 4.7 billion).

For the financial year, Firmenich also shared the following results:

• Adjusted EBITDA up 10.9% to £781 million (CHF 905 million).
• Revenue growth across all regions, with a 18.9% increase in Europe.
• Gross profit up 5% to £1.5 billion (CHF 1.8 billion).
• Gross margin, as a percentage of Revenue, decreased by -210 basis points.

Swiss company Firmenich is the world's largest privately-owned fragrance and taste company, known for creating fragrance for brands including Calvin Klein, Gucci and YSL.

Revenue for perfumery and ingredients increased 11.3%, driven by 32.5% growth and market share gains in Fine Fragrance. Along with "strong" customer demand in Ingredients. Consumer fragrances grew by low single-digits against a backdrop of "industry-wide softness".

Patrick Firmenich, Chairman of the Board at Firmenich, said: “Our strong performance in FY22 is the result of our ongoing commitment to serve and innovate with our customers and a testament to the strengths of our offerings across fragrance and taste."

Gilbert Ghostine, CEO of Firmenich said: “Despite the ongoing challenging macro-economic environment, the company has delivered another year of strong results, with double digit growth in revenue and adjusted EBITDA. We have demonstrated leadership and excellence in execution. I look forward with excitement to the coming year, which marks the start of a new chapter for the company.”

In May 2022, Firmenich announced that it had entered into a business combination agreement with DSM to establish a creation and innovation partner in nutrition, beauty and well-being.