Zurich, April 4 - First-quarter sales at Swiss flavours and fragrances maker Givaudan rose a better than forecast 18 percent to 890 million Swiss francs ($730.7 million).
Givaudan, which makes ingredients for soaps, confectionery, soft drinks and designer perfumes, said on Wednesday its sales were higher on good organic growth and the inclusion of results from Quest International as of March 2007.
The market had expected first-quarter sales of 874 million francs, including Quest's contribution, according to the average forecast given in a Reuters poll of 13 analysts.
Givaudan has said 2007 would be "a transition year" after its $2.25 billion acquisition of Quest from ICI Plc.
Pro-forma first-quarter sales, assuming the Quest acquisition had occurred Jan. 1 2006, were 4 percent higher at 1.12 billion francs.
Shares in Givaudan, which competes with U.S. firm International Flavors and Fragrances Inc., trade at about 18 times forecast 2007 earnings, according to Reuters data, a similar multiple to IFF.