UK Croda’s first-half net profit grows 34.6% to £86m, sales up 9.3%

28 July 2011 08:27  [Source: ICIS news]

LONDON (ICIS)--Croda’s net profit for the first half of 2011 grew by 34.6% year on year to £86.0m (€97.7m, $141.0m) on the back of stronger sales, the UK specialty chemicals company said on Thursday.

Group sales for the six months to 30 June were up by 9.3% to £559.6m compared with the same period last year, as Croda saw strong sales growth and record turnover in both its consumer care and industrial specialities divisions.

The company’s operating profit for the first half of 2011 grew by 24.7% year on year to £125.3m.

“Croda has continued to make excellent progress in 2011 with quarter two representing a further improvement on the first three months of the year. This record performance has been achieved against tough comparatives, adverse currency translation and significant raw material cost inflation,” said Martin Flower, chairman of Croda.

“Our innovation pipeline remains robust which, together with increased investment to satisfy demand for our products and support entry into new markets, will ensure Croda’s continued strong organic growth,” he added.

Consumer care sales were up by 11.0% year on year to £293.6m, while industrial specialities sales grew by 7.5% to £266.0m from the same period last year.

“The second half of the year has started well and we expect to make further progress compared with 2010 through the remainder of the year,” Flower said.

Meanwhile, Croda announced that the group’s chief executive Mike Humphrey will retire at the end of the year. He will be replaced by Steve Foots, president of  Croda Europe, effective 1 January 2012.

($1 = £0.61, €1 = £0.88)

By: Franco Capaldo
+44 (0)20 8652 3214

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