Croda announces record profit; up 7.7 percent for 1H 2018
Croda International has announced its half-year results for the six-months ended June 30, 2018. The specialty chemicals supplier saw sales increase 3.6 percent at constant rates (down 0.6 percent in reported currency) compared to the same period in 2017.
Profit before tax was up 7.7 percent (adjusted), or 1.7 percent at reported currency, and earnings per share grew 12 percent (adjusted) – or 5.5 percent at reported currency. Croda noted that its Personal Care division posted ‘excellent’ sales growth, up 9.3 percent at constant currency, delivering operating profit growth of 6.1 percent at constant currency.
“This is a strong first half performance. We are delivering our strategy of ‘Growing the Core’, driving top line organic growth at industry leading margins to achieve superior returns. Alongside this, we are ‘Stretching the Growth’, accelerating deliver across our markets by investing in disruptive technologies and exciting new growth opportunities. We have encouraging momentum in our consumer businesses and Performance Technologies has delivered double digit percentage profit growth for the third successive year, strong progress that is supported by improving cash generation, underpinning confidence for the full year,” said Steve Foots, Chief Executive Officer.
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