Symrise posts double-digit growth in 2022
The German-based pet food supplier remains confident that it will grow faster than the overall market.
In its preliminary results for 2022, the company reported a growth of 11.4% and a 20% increase in net income. Symrise posted earnings of €921.6 million ($1B) in 2022, up from €813.6 million ($904M) the year before.
Symrise CEO Heinz-Jürgen Bertram said that 2022 was another “successful” year for the firm despite a “volatile market environment.”
The company said it remains confident that it will increase its average annual sales by 5% to 7% yearly.
Swedencare investment
Symrise anticipates “lower consolidated key figures than expected” for 2022 due to an impairment loss of €126 million relating to Swedencare. In June 2021, the company acquired a 5% stake in the Swedish pet health product provider.
“Despite this market-related impairment loss, Symrise maintains its faith in the value and great potential of the Swedish company,” it said.
The half-year results revealed that the firm’s pet food division retained a double-digit growth.
Further financial details will be published once the annual results are published on 8 March 2023.