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Givaudan confirms targets as Q1 growth beats poll

ZURICH, April 11 Flavour and fragrance maker Givaudan confirmed its mid-term target of like-for-like sales growth of 4-5 percent on average after growth slowed less than expected in the first quarter, helped by a strong performance in North America.

Givaudan and its peers are grappling with slowing growth at consumer goods groups such as Nestle and Unilever , to whom they supply flavours for foods and drinks and fragrances for toothpaste and soap, and a rise in raw material prices.

Sales of 1.24 billion Swiss francs ($1.23 billion) in the first quarter of 2017 were up 3.5 percent like-for-like, the company said in a statement on Tuesday, down from 5.8 percent in the year-ago period but above the average estimate of 1.5 percent growth in a Reuters poll.

($1 = 1.0087 Swiss francs) (Reporting by Silke Koltrowitz; Editing by Michael Shields)

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