Croda delivers rise in full year profits

Library image of the City of London.  Croda has published its full year results. Photo:  Stefan Rousseau/PA Wire
Library image of the City of London. Croda has published its full year results. Photo: Stefan Rousseau/PA Wire
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Speciality chemicals maker Croda International Plc posted an 11.1 per cent rise in full-year profit, helped by strong growth across its core businesses.

Croda said adjusted pre-tax profit rose to £320.3 million for the year ended December 31, from £288.3 million a year earlier.

Croda, which held unsuccessful talks with U.S. peer Ashland Global Holdings Inc for a possible merger earlier this month, said sales grew by 10.4 pe rcent to £1.37 billion in 2017.

The company has focused on organic growth in premium markets and acquisitions to boost profit and sales - both of which rose for the third year in a row.

Sales at Croda’s largest personal care business, which makes ingredients for skin, hair, sun protection and colour cosmetic products, rose 10.9 per cent to £466.6 million.

Total sales at its core businesses, which also include life sciences and performance technologies, grew 11.4 percent to £1.25 billion.