Improved profits for chemical firm Croda

CRODA has today announced improved profits and margins in all three of its business divisions.

The speciality chemicals business reported a pre-tax profit of £133.1m compared to £125.2m last year in its interim results for the six months to June 30 2013. Operating profit was up to £139.1m from £133.5m last year.

The East Yorkshire-based manufacturer has a consumer care division, performance technologies area and industrial chemicals division.

Chairman, Martin Flower, said: “These results demonstrate the resilience of Croda’s strategy.

“Although the challenging trading environment has inevitably held back certain parts of the business, our leading positions in niche markets and steadfast commitment to innovation are reflected in improved profits and margins in all three business divisions.”
 
Goole-based Croda said that overall, the market place remained challenging during the first six months.

It said its consumer care business saw good demand for innovative products, it saw strong growth in most regions for performance technologies and Croda’s industrial chemicals sector, which accounts for over half of the business, demonstrated consistent sales growth and good levels of profitability.

Group chief executive, Steve Foots, said: “The board believes that it will report further progress throughout the remainder of the year.”