UK's Croda reports 47% rise in Q3 operating profit on higher sales

28 October 2010 10:58  [Source: ICIS news]

LONDON (ICIS news)--Croda’s third-quarter operating profit rose by 47.1% year on year to £48.7m ($77m, €56m) as sales revenue increased by 18.6% to £255.3m, it said in a trading update on Thursday.

Group sales volumes for the third quarter were up by 12.1%, while the company’s operating margin for the same period increased from 15.4% to 19.1%.

For the first nine months of 2010, pre-tax profit from continuing operations was up by 87.6% at £143.7m, the UK specialty chemicals company said.

“I am pleased to report continued strong progress in the third quarter, driven by significant sales growth building on a robust 2009 performance,” said Croda’s chairman, Martin Flower.

Croda continues to trade strongly and we expect to report further year-on-year progress in the final quarter of 2010 and into 2011,” he added.

(€1 = £0.87, $1 = €0.73)

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By: Graeme Paterson
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