UK Croda’s third-quarter operating profit up 18.3% to £57.6m

27 October 2011 08:11  [Source: ICIS news]

LONDON (ICIS)--Croda International’s third-quarter operating profit from continuing operations increased by 18.3% to £57.6m ($91.4m, €66.2m) as group sales increased by 5.1% to £265.6m, it said in a trading update on Thursday.

The company’s operating margin for the third quarter increased to 21.6% from 19.3% in the same period last year.

"I am pleased to report good turnover and profit progress in the third quarter, driven by sales growth and margin improvement in our core businesses,” said Martin Flower, chairman of Croda.

“In most business areas we saw an improving trend during the quarter,” he added.

Croda’s Consumer Care business continued to trade strongly in the third quarter, it said, reporting a 13.6% year-on-year increase in sales, a 30.8% rise in operating profit and improved margins versus the same quarter in 2010.

Third-quarter turnover in its Industrial Specialities segment declined by 3.5% against a “particularly strong third quarter in 2010”, Croda added.

“Operating profit [in Industrial Specialities] was down 6.8% with a decrease in commodity and by-product profitability being partially mitigated by stronger performances elsewhere in the sector,” Flower said.

For the first nine months of 2011, profit from continuing operations was up by 22.6% year on year at £182.9m, the UK specialty chemicals company said.

“Croda continues to trade well and we expect to report further progress in the final quarter and into 2012," the chairman added.

($1 = £0.63, €1 = £0.87)

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

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