UK Croda’s first-half 2012 net profit up 4.7%, sales up 2.4%

24 July 2012 08:18  [Source: ICIS news]

SINGAPORE (ICIS)--Croda’s net profit for the first half of 2012 grew by 4.7% year on year to £90m ($141m), boosted by stronger demand from North America, the UK-based specialty chemicals firm said on Tuesday.

The company's sales rose by 2.4% year on year to £572.9m  in the first six months of 2012, “despite the combined challenge of weak demand in Europe and adverse currency translation”, it said in a statement.

“We experienced strong demand in most business areas in North America, while in Asia and Latin America we made further progress in focussing on higher margin differentiated products,” Croda said.

The company’s operating profit grew by 6.7% year on year to £133.7m in the first half of this year, it said.

“Croda’s resilient track record of growth rests on our consistent ability to bring innovative, high margin products to market and expand our presence in emerging economies,” said Martin Flower, chairman of Croda.

“Assuming no significant change in market conditions in the near term, we remain confident that this strategy will enable us to make further progress in the second half of 2012,” Flower added.

($1 = £0.64)

By: Joey Lau

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