Croda's sales and profits soar

NATURAL chemicals group Croda said third quarter sales and profits soared as both its consumer care and industrial arms delivered robust results.
By The Newsroom
Published 28th Oct 2010, 10:59 BST

Sales surged almost 19 per cent to 255.3m in the three months to the end of September and pre-tax profits, aided by lower debt, rocketed 56.8 per cent to 47.5m. That was despite the third quarter normally being a quieter trading period than either of the first two quarters.

So far this year, pre-tax profits from continuing operations are up 87.6 per cent at 143.7m.

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Chairman Martin Flower said: "I am pleased to report continued strong progress in the third quarter, driven by significant sales growth building on a robust 2009 performance.

"Croda continues to trade strongly and we expect to report further year on year progress in the final quarter of 2010 and into 2011."

Consumer care saw a 15.4 sales increase and operating profits up 32.5 per cent, with crop care delivering a particularly strong performance.

Its industrial specialities saw a marked improvement on 2009, with sales and profits up 22.1 per cent and 89.4 per cent respectively.

So far this year the group has cut net debt by 47.8m, leaving the figure at 240.7m.