Givaudan sales improve despite strong Swiss franc

The world's biggest manufacturer of fragrances and flavours Givaudan said on Friday that sales edged higher despite a strong Swiss franc after Switzerland's central bank abandoned a cap on the currency earlier this year.

“The product pipeline and win rates were sustained at a high level,” said the Geneva-based firm, which repeated its mid-term goal of an average growth rate of 4.5-5.5 per cent over the five years to 2015.

Sales in the first three months stood at 1.09 billion Swiss francs (€1.05bn), compared with 1.087 billion a year earlier and higher than the average estimate in a Reuters poll.

Nearly three months ago, the Swiss National Bank (SNB) abruptly removed its cap of 1.20 Swiss francs per euro, which sent the currency soaring and stoked fears for Switzerland's export-heavy economy.

– Reuters