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Croda's performance meets expectations
CHEMICALS group Croda International met expectations with a 10.5 per cent rise in adjusted profit for 2009, reflecting robust demand from the consumer care sector.
The company, which makes ingredients for cosmetics and personal care products and chemicals for industrial markets, posted adjusted pre-tax profit of 106.4m on sales up 0.6 per cent at 916.2m.
Pre-tax profit, including exceptional items relating to the closure of its Wilton plant in north-east England, fell 7.4 per cent to 89.2m.
Earnings per share rose 10.4 per cent to 53.0 pence, just ahead of market expectations, and the group raised its dividend by 8.9 per cent to 21.5 pence.
"The encouraging trading performance seen during the second half has continued into 2010 and we are confident of achieving significant progress in the current year," the company said in a statement.
Analysts expected Croda to report adjusted pretax profit of 104m.
The Goole-based firm provides natural ingredients to skincare and cosmetics companies including L'Oreal, Chanel, Clarins, Estee Lauder and Procter and Gamble.
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