Symrise’s H1 profitability continued to fall below recent years’ levels, which was explained by higher raw material prices, the effects of adverse FX developments and increased investments in strategic growth projects. The latter looks not to include R&D as the percentage of sales weakened from 6.6% to 6.3%. The top-line was above our expectations, whereas profitability barely met them. Consensus was broadly beaten.
14 Aug 2018
Margin little defended
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Margin little defended
Symrise AG (SY1:WBO) | 0 0 1.0% | Mkt Cap: 8,612m
- Published:
14 Aug 2018 -
Author:
Martin Schnee -
Pages:
3
Symrise’s H1 profitability continued to fall below recent years’ levels, which was explained by higher raw material prices, the effects of adverse FX developments and increased investments in strategic growth projects. The latter looks not to include R&D as the percentage of sales weakened from 6.6% to 6.3%. The top-line was above our expectations, whereas profitability barely met them. Consensus was broadly beaten.