Record profits and sales growth for chemicals firm

Chemicals firm Croda International has reported record profits and strong sales growth as it continues to invest in fast growth technologies both organically and by acquisition.

Croda International, based in Goole, creates high performance ingredients and technologies globally, reported adjusted profit before tax up 11.1% at £320.3m and IFRS profit before tax up 13.9% at £314.1m in the year to the end of December 2017.

It also reported strong sales growth – up 10.4% to £1,373.1m, which it said was driven by ongoing focus on premium, faster growth niches in personal care, life sciences and performance technologies, together with positive currency translation.

Steve Foots, Croda’s chief executive Officer, said: “2017 was a year of significant progress, with record profits and strong organic sales growth. All core sectors and major regions contributed to this growth, demonstrating that our strategy continues to deliver and reinforcing that Croda has three strong legs of growth. Our focus on premium, faster growing market niches and high quality technologies delivered consistent top and bottom line growth. Innovation continued at record levels, with sales of New and Protected Products increasing for the fifth consecutive year. We continued to invest in fast growth technologies and expanded our successful Open Innovation programme, initiatives that will drive future growth.

“We have entered 2018 with momentum and a platform on which to deliver long-term growth. In the year ahead, we will continue to invest in fast growth technologies, both organically and by acquisition; in R&D, through our successful Open Innovation and Smart Partnering programmes; in manufacturing, through improved operating capabilities; and in our people. We are confident of delivering continued progress in 2018.”

Meanwhile, the company announced that Nigel Turner will retire from the board as a non-executive director in April after nine years.

Alan Ferguson will be appointed as the senior independent director on Turner’s retirement.

Anita Frew, chairman of Croda, said: “I would like to thank Nigel for his dedication and outstanding contribution to Croda and to the board. Alan has been on our board since 2011 and acts as chairman of the audit committee, bringing a wealth of relevant experience, having served as senior independent director within other listed companies.”