The global fragrance house IFF – International Flavors & Fragrances (IFF) reported a year-on-year increase of 39% in the first quarter. The New York-headquartered company reported net sales of US$1.3bn for the first quarter of 2019.
Sales in the firm’s scent business increased by 1% ($6.4m) to $488.4m. Performance was strongest in Fine Fragrance, with double-digit growth, followers by Consumer Fragrances.
“Our first quarter results were in line with our expectations and reflect strong progress in the company’s transformation following the Frutarom acquisition,” said Andreas Fibig, IFF Chairman and CEO.
“In the first quarter of 2019, we achieved solid sales growth across all three divisions and maintained strong profitability levels, despite the even higher raw material cost environment.
“On a consolidated basis, the combination of our legacy business performance plus the addition of Frutarom has generated double-digit sales and adjusted operating profit growth.”