Symrise

FY22 profitability lower than expected

  • Sectors : Foods
  • Companies : Symrise

Ratings and price correct at time of issue.

  • Symrise

    Closing Price: 10500c

  • RATING 24/03/20

  • PREVIOUS RATING 15/01/19

    NEUTRAL

DAVY VIEW

At close of market on Friday January 20th, Symrise released preliminary headline figures for FY22 and announced a €126m loss relating to its interest in Swedencare. Organic growth remains robust at +11.4% (Davy: +10.5%), supported by ongoing strength in the Health, Nutrition & Care division. Profitability was impacted by a softer performance in Scent & Care. The FY22 EBITDA margin (pre-impairment loss) of 20% (Davy: 20.8%) was below its prior guidance of “around 21%”, with FY22 EBITDA 3.4% lower than our current forecasts. Long-term growth and profitability goals were re-affirmed.

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Jan 23 2023, 06:50 GMT

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