28 April 2010 09:55 [Source: ICIS news]
LONDON (ICIS news)--Croda’s first-quarter 2010 pre-tax profit from continuing operations jumped 95.4% year on year to £42.4m ($63.9m, €48.5m) from £21.7m, partly due to cost cutting and restocking in the chemical industry, the UK specialty chemicals company said on Wednesday.
Revenue from continuing operations for the three months ended 31 March rose 14.7% to £264.7m from £230.8m, as the group reported an increase in volumes of 26.0%.
“This is a very strong performance across the business and reflects both robust demand for our products globally and the benefits of the cost-cutting activity we have undertaken,” Martin Flower, Croda chairman, said.
Croda added that good trading conditions were experienced across the chemical sector, which suggested some restocking.
Although Croda expected raw material prices to rise in many areas, the group remained positive about its performance during the rest of the year.
"The robust trading has continued into quarter two and we remain confident of achieving significant progress throughout the remainder of 2010," Flower said.
($1 = €0.76, €1 = £0.87)
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