Croda sees bumper year

NATURAL chemicals company Croda International reported a 40 per cent rise in pre-tax profits following strong demand for consumer care and industrial products.
By The Newsroom
Published 28th Apr 2011, 10:11 BST

The Snaith-based company has seen growth across all its global operations and is upbeat about its prospects for further progress in 2011.

The FTSE 250 company, which makes chemicals for cosmetics, healthcare and home care industries, said average prices increased in the first quarter as it passed on significant raw material cost increases.

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Chairman Martin Flower said: “We have implemented further price increases where necessary in April.”

Chemical makers have been battling against the rising cost of raw materials and have been passing it on to customers.

Pre-tax profits during the first three months of this year rose from £43.3m to £60.7m.

Sales grew 13.2 per cent to £277.9m.

The group is planning a share buyback programme in 2011 while it will also look out for suitable acquisitions. It expects to buy back shares worth about £50m this year.

The company makes chemicals for cosmetics, healthcare and home care industries.

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