Givaudan reported strong recovery in high growth markets in the first half of 2018, with sales up 5.6% on a like-for-like basis and 7.7% in Swiss francs. The company's project pipeline and win rates remained high, and strategic focus areas and acquired businesses contributed significantly to growth. EBITDA was CHF 601 million in 2018, with an EBITDA margin of 22.5%. Free cash flow was 4.2% of sales, compared to 5.3% in 2017. The Givaudan Business Solutions division delivered its first benefits, and the Naturex acquisition was progressing as planned. Sales performance was strong in both divisions, with fragrance sales growing by 5.6% and flavor sales growing by 7.7%. The company achieved good growth across all geographies.
