Croda receives boost from Latin America

BRITISH chemicals firm Croda International reported a better-than-expected full-year pre-tax profit, boosted by higher sales to health and personal care product makers.

By The Newsroom

Published 21st Feb 2012, 08:47 BST

The FTSE 250 company, which supplies chemicals used in cosmetics and pharmaceuticals, raised its final dividend by 20 percent to 30.25 pence, taking the total dividend to 55 pence.

“Trading in January was encouraging and this positive trend has continued,” the company said in a statement, adding that exposure to the growing economies of Asia and Latin America gave it confidence in its future prospects.

January to December pre-tax profit rose to £242.4m beating analyst estimates of £236.3m, according to Thomson Reuters I/B/E/S.

Revenue for the year rose nearly seven per cent to £1.06bn.

The company said it completed the sale of its 60 per cent holding in Korean joint venture, Croda Woobang, last month, for a consideration of £2.2m.

Croda shares closed at 2031 pence on Monday on the London Stock Exchange, valuing the business at £2.74bn.