January 26, 2018 / 8:23 AM / a year ago

Givaudan CFO says "relatively conservative" on 2018

ZURICH, Jan 26 (Reuters) - Fragrance and flavours maker Givaudan is maintaining a conservative outlook on 2018 despite a pickup in momentum and optimism among the group’s client base, its finance chief told Reuters in an interview.

“Some of our customers are relatively bullish about 2018, and certainly there seems to be an improved momentum. But we continue to remain relatively conservative,” Chief Financial Officer Tom Hallam said on Friday following the group’s full-year results.

For 2017, the group posted double-digit net profit growth, thanks to a halving of its prior-year tax rate, cost management, and an 8.3 percent rise in revenues.

“We see some improvement in some high-growth markets, particularly in Asia,” Hallam said of the 2018 outlook. “But clearly, we had nearly 5 percent growth in mature markets in 2017, and historically mature markets have been growing at more like 1-2 percent.” (Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

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