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

Recommended

Get healthy returns from these three healthcare stocks
Share tips

Get healthy returns from these three healthcare stocks

Professional investor Paul Major of the BB Healthcare Trust highlights three of his favourite healthcare stocks.
25 Oct 2021
Share tips of the week – 22 October
Share tips

Share tips of the week – 22 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
22 Oct 2021
Three dividend stocks from the dynamic Asia/Pacific region
Share tips

Three dividend stocks from the dynamic Asia/Pacific region

Professional investor Sat Duhra of the Henderson Far East Income investment trust highlights three of his favourite stocks.
18 Oct 2021
Share tips of the week – 15 October
Share tips

Share tips of the week – 15 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
15 Oct 2021

Most Popular

Properties for sale for around £1m
Houses for sale

Properties for sale for around £1m

From a stone-built farmhouse in the Snowdonia National Park, to a Victorian terraced house close to London’s Regent’s Canal, eight of the best propert…
15 Oct 2021
How to invest as we move to a hydrogen economy
Energy

How to invest as we move to a hydrogen economy

The government has started to roll out its plans for switching us over from fossil fuels to hydrogen and renewable energy. Should investors buy in? St…
8 Oct 2021
Emerging markets: the Brics never lived up to their promise – but is now the time to buy?
Emerging markets

Emerging markets: the Brics never lived up to their promise – but is now the time to buy?

Twenty years ago hopes were high for Brazil, Russia, India and China – the “Brics” emerging-market economies. But only China has beaten expectations. …
18 Oct 2021