Acquisitions helped US colour, flavour and fragrance manufacturer Sensient Technologies boost its revenue by 15 per cent to a record for $939.9 million (€861m) for the year ended December 31, 2002.
For the fourth quarter revenue increased by 16.9 per cent to $249.2 million, up from $213.2 million for the same period in 2001 with fourth quarter 2002 diluted earnings per share reaching 47 cents, an 11.9 per cent increase on 2001.
"We are a transformed and thriving company. The success achieved by our strategic acquisition program enables us to focus on strengthening operations, increasing sales volume and adding new products. Our outlook for 2003 is excellent," said Kenneth P. Manning, chairman, president and CEO of Sensient Technologies.
In 2002 the company purchased compatriot US group Cardre , a New Jersey based producer of surface treated pigments, and the flavours and essential oil operations of German company C. Melchers. Commenting on the acquisitions Manning said: "We have had a record year. Our performance in 2002 demonstrates that our strategy for growth continues to produce results."
Revenue for the Flavors & Fragrances group rose by 8.8 per cent to $572.2 million for the year ended December 31, 2002 with the fourth quarter producing a revenue and operating income of $146.1 million and $22.2 million respectively.
According to the company, revenue from all product lines in the traditional flavour category increased for the year and the quarter, with beverage flavours showing particularly strong growth.
Colour group revenue grew by 25.5 per cent to $346.5 million for the year ended December 31, 2002 thanks to an improvement in natural colour sales and increases in Sensient's cosmetic and pharmaceutical technologies businesses.
"As we continue to focus on operations, we expect our business to produce even greater returns this year," commented Mr. Manning on the company's outlook for 2003.