The group said it is "confident to outgrow" the market in 2009, thanks to its pipeline and new gains in businesses.

"In a challenging environment, Givaudan continues to focus on its growth initiatives to increase its share in developing countries and in key market segments over the coming five years", it added.

Sales reached CHF 4.087 billion, up 6.7 percent year-on-year in local currencies and down 1.1 percent in Swiss francs.

"A prediction for 2009 is difficult to make but I am confident that Givaudan will continue to profit from the optimised set-up it has implemented", said Gilles Andrier, chief executive of the group.

The group also confirmed its target for 2010, saying it would return to profitability levels achieved before its purchase of competitor Quest International for CHF 2.8 billion in 2006.

Bank Wegelin noted that the results were "not as robust as traditionally" but believed that Givaudan would "very soon" return to form.

On Tuesday morning, the stock was down 7.7 percent at CHF 761, underperforming the overall market which was down 2.08 percent.

[AFP / Expatica]