Symrise sees margin boost in 2024 as it plans further divestments [Reuters]
SYMRISE AG UNSP/ADR (SYIEY)
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Source: Reuters
flavour and fragrance maker looks to accelerate cost management measures and sell less profitable parts of its business. Symrise, whose fragrances go into the perfumes of French luxury giants LVMH (LVMH.PA) , opens new tab and Kering (PRTP.PA) , opens new tab , reported a core profit (EBITDA) margin of 19.1% for 2023. Annual adjusted EBITDA was 903.5 million euros ($981.9 million), below analysts' consensus forecast of 916.0 million, hit by higher raw material costs, negative currency effects and one-off expenses. Chemical companies have been under pressure for more than a year as they were forced to reduce inventories on lower demand from industrial clients. However, CEO Heinz-Jürgen Bertram said he was optimistic about the 2024 outlook, as the group plans to divest businesses that are not profitable enough to improve margins. Symrise is selling 51% of its beverage unit to distribution partner Th.Geyer, and said it plans to sell another business area later this year, withou
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