Symrise reports FY profitability miss after cyberattack hits sales

Credit: REUTERS/Paulo Whitaker

German flavour and fragrance maker Symrise missed profitability expectations in 2020 after a cyberattack hit sales in the last quarter.

March 9 (Reuters) - German flavour and fragrance maker Symrise missed profitability expectations in 2020 after a cyberattack hit sales in the last quarter.

Symrise's earnings before interest, tax, depreciation and amortization (EBITDA) margin in 2020 rose to 21.1% from 20.1% a year ago, slightly below a company-provided consensus of 21.4%.

The company now targets an EBITDA margin of 21% and sales growth of 5% to 7% in 2021, as it expects the global economy to recover from the COVID-19 crisis on increasing vaccinations and better methods to fight the pandemic.

The maker of ingredients such as artificial mint flavouring reported a rise in full-year sales in January, slightly below its outlook and below expectations, citing "significant disruptions" following the cyberattack. (Reporting by Silvia Recchimuzzi in Gdansk; editing by Uttaresh.V) ((silvia.recchimuzzi@tr.com; 58 769 66 95)) Keywords: SYMRISE RESULTS/

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