29 October 2009 10:05 [Source: ICIS news]
LONDON (ICIS news)--Croda’s third-quarter pre-tax profit from continuing operations increased 31.3% year on year to £31.9m ($52.3m, €35.8m) as severe destocking in its industrial business has ended and sales are improving, the UK specialty chemicals company said on Thursday.
“The result took the year-to-date pre-tax profit above that recorded in the same period in 2008 despite the effects of the recession on industrial end markets and the lack of last year's windfall glycerine profit,” Croda chairman Martin Flower said.
Group sales from continuing operations increased 1.1% year on year to £238.1m, while operating profit from continuing operations increased 23.5% to £34.7m, Flower said.
The company's performance during the quarter was helped significantly by an impressive improvement in its industrial specialities trading, with third-quarter operating profit in the sector up 47.0% year on year to £9.7m, he said.
“While overall volumes remain down on 2008, the severe destocking in our industrial customer base does appear to have come to an end. Industrial specialities has been trading profitably for four months with a steadily improving trend in both volumes and profitability,” Flower said.
“Croda’s robust and efficient business model, together with the steps we have taken to reduce costs, has enabled the group to overcome tough market conditions,” Flowers said.
($1 = £0.61/€1 = £0.89)
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