Croda lifts first-quarter profit

Speciality chemicals manufacturer Croda Interntional ramped up first-quarter pre-tax profit and expects to report further progress in 2013.

Speciality chemicals manufacturer Croda Interntional ramped up first-quarter pre-tax profit and expects to report further progress in 2013.

Pre-tax profits for the period since December 31st 2012 rose 6.5% to £65.1m despite strong comparatives and the adverse impact of an earlier Easter this year. Group turnover grew modestly to £283.1m from £281.9m in 2012. Operating profits rose 4.0% to £68.0m.

Across its divisions Consumer Care sales were little changed at £158.4m from £159.1m previously, with Crop Care weaker due to the poor weather experienced in a number of regions throughout the period.

Personal Care and Health Care sales were flat and Performance Technologies sales slipped 0.3% to £102.4m, after continuing weakness in Lubricants. Industrial Chemicals sales jumped 10.4% at £22.3m.

Croda said there has been no significant change in its financial position during the period.

At the end of March 2013 net debt was £211.1m, up £3.4m versus the year-end despite a payment of £38m into the UK pension fund in January.

"The board believes that the first quarter result represents a solid start to the year. The outlook provided in February is unchanged and we expect to report further progress in 2013," it said in a company statement.

CJ

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