Croda's half year profits soar

The company, based in Snaith in East Yorkshire, supplies ingredients to skin care and cosmetics companies such as L'Oreal, Chanel, Clarins, Estee Lauder, Boots and Procter and Gamble.

In the six months to June 30, sales were up 27.6 per cent to 516.1m, reflecting strong performances in both the consumer care and industrial specialities divisions and continued growth in all its main markets.

Continuing operating profit increased by 87.7 per cent to 100.8m

Interest costs fell as a result of lower borrowings and this, allied to the operating results, took continuing pre-tax profits for the group to 96.2m, an increase of 107.8 per cent on the 46.3m achieved in the same period last year.

Martin Flower, the company's chairman, said: "This is another very impressive performance that highlights once again the quality of the business.

"Record results in both consumer care and industrial specialities, with all business areas and all major geographies contributing to the increased profits, demonstrate Croda's resilience and strong market position.

"The group is now benefiting in full from the acquisition of Uniqema in 2006 as well as from the initiatives taken to reduce costs. Whilst prior year comparatives do get tougher in the second half, we expect to make further profit progress throughout the rest of the year".