26 April 2012 11:09 [Source: ICIS news]
LONDON (ICIS)--Croda International’s first-quarter operating profit from continuing operations rose by 8.0% year on year to £65.8m ($106.6m, €80.5m) on higher sales in all major geographical areas, the UK-based specialty chemicals company said on Thursday.
First-quarter group sales from continuing operations increased by 4.7% year on year to £291.0m.
“We achieved sales growth in all the major geographical areas in which we operate, and volumes were much improved versus the run rates seen during the second half of 2011,” the company said in a trading statement ahead of its annual general meeting on Thursday.
Martin Flower, chairman of Croda, said: "I am pleased to report that we achieved record Group results in the first three months of 2012, driven by our highest ever quarterly sales and profits in both consumer care and performance technologies.”
Croda’s total pre-tax profit from continuing operations in the first quarter increased by 7.2% to £65.1m.
Operating profit within Croda’s consumer care business increased by 13.7% year on year to £48.2m, as sales rose by 9.2% to £159.7m compared with the same quarter last year.
In the group’s performance technologies segment, operating profit throughout the quarter increased by 1.2% year on year to £16.3m, while sales rose by 2.9% to £106.9m.
In industrial chemicals, which represents less than 2% of Croda's operating profit, sales fell by 11.9% to £24.4m because of slow demand in Europe, which led to a 45.8% fall in operating profit to £1.3m, the company said.
Croda added that raw material costs have started to rise, and the company began to introduce price increases across a number of product areas from April.
(€1 = £0.82, $1 = £0.62)
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