23 February 2010 10:29 [Source: ICIS news]
LONDON (ICIS news)--Croda’s 2009 fourth-quarter pre-tax profit from continuing operations increased 44% year on year to £30.9m ($47.9m, €35.1m), as cost cutting and the end of market destocking drove improved performance in its industrial specialities division, the ?xml:namespace>
Sales for the three months ended 31 December 2009 grew 9.0% year on year to £230.6m, as trading and demand in its consumer care segment continued to improve throughout the fourth quarter.
“Croda has achieved another year of exceptionally strong pre-tax profit growth, despite the effects of the global recession,” said Croda chairman Martin Flower.
“This performance has been driven by robust demand for our key products around the world,” he added.
For the whole of 2009, Croda’s profit before tax fell 7.4% year on year to £89.2m, while sales from continuing operations increased 0.6% to £916.2m.
“Industrial specialities were affected in the first half by severe destocking in the ultimate end-user markets for our products but demand recovered in the second half,” said Flower.
Croda said the strong trading performance during the fourth quarter had continued into 2010 and it was confident of achieving significant progress in the current year.
(£1 = $1.55/€1 = £0.88)
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