Croda sees strong demand

NATURAL chemicals company Croda International reported a seven per cent rise in first quarter profits, helped by growth at its consumer care and performance technologies divisions.
By The Newsroom
Published 26th Apr 2012, 10:10 BST

The Snaith-based company, which provides chemicals for cosmetics, healthcare, agriculture and homecare companies, said its quarterly results represented a strong start to the year.

Croda said the figures were its highest ever quarterly sales and profit in both consumer care and performance technologies units.

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In the first three months of 2012 pre-tax profits rose from £60.7m to £65.1m a year ago.

Revenue grew 4.7 per cent to £291m.

The FTSE 100 company, which counts P&G, Unilever, L’Oreal and Estee Lauder among it clients, said sales from its core consumer care division rose nine per cent during the quarter.

Revenue from its performance technologies unit grew by three per cent, but revenue from industrial chemicals fell 12 per cent.

The company recently split its industrial specialties division into performance technologies and industrial chemicals.

The company said raw material costs have started to rise and price hikes were passed on to a number of product areas from April.

Over 70 per cent of the company’s raw materials are renewable.

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