Israel's Turpaz Q3 revenue rises on acquisitions

Overview

• Israel flavor and fragrance supplier's Q3 revenue rose 22.6% yr/yr to record $94 mln

• Q3 net income increased 9.4% yr/yr to $6.6 mln

• Growth driven by recent acquisitions in U.S., France, and South Africa, plus organic expansion

Outlook

• Company says current annual revenue run-rate is about $390 mln following recent acquisitions

• Turpaz sees potential for synergies and further profitability improvement from recent acquisitions

• Company says it has good access to financing sources to support continued growth

Result Drivers

• ACQUISITIONS - Co said Q3 revenue growth was mainly driven by contributions from recently acquired companies in the U.S., France and South Africa

• ORGANIC GROWTH - Core activity, including taste and fragrance, grew organically by about 5.6% in Q3

• EFFICIENCY AND SYNERGIES - Co attributed improved gross margin to efficiency measures and synergies from acquisitions

Company press release:

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)