Croda announces record H1 results
Pre-tax profit jumps 30%; Q2 results remain strong
Croda has announced a record first half pre-tax profit of £124.8m, a 30.1% increase on the same period in 2010. Sales from continuing operations were up 9.3% to £559.6m. Second quarter trading was also strong, with sales and profits both higher than those seen in the first three months of the year. Sales were up 5.7% to £281.7m, while pre-tax profit was recorded at £64.1m, an increase of 21.9% on the previous year’s results.
The company’s Consumer Care group saw particularly strong growth, with the personal care and health care sectors making good progress, according to Croda. Overall sales for the Consumer Care group increased 11% to £293.6n, with operating profit put at £88m, an increase of 23.8%.
“Croda has continued to make excellent progress in 2011 with quarter two representing a further improvement on the first three months of the year,” commented Croda chairman, Martin Flower. “This record performance has been achieved against tough comparatives, adverse currency translation and significant raw material cost inflation. Our innovation pipeline remains robust, which together with increased investment to satisfy demand for our products and support entry into new markets, will ensure Croda’s continued strong organic growth.”
In other news Croda ceo, Mike Humphrey, has announced he is to retire at the end of the year after 42 years with the company. He will remain involved with the business as a senior advisor, however.