Sales rise at chemical giant

Chemicals giant, Croda International, has reported an 8% rise in sales to £442m in the first quarter, adding the ‘price/mix headwinds’ of 2024 have started to abate.

Group adjusted profit before tax in the first quarter was in line with expectations.

The East Yorkshire company said it has pressed ahead with its £25m cost-saving initiatives and identified further opportunities to deliver operational efficiencies.

In a statement the company said: “As widely reported, the recent introduction of trade tariffs and increased geopolitical tensions have made the global economic outlook more uncertain. Although our well-balanced local manufacturing and procurement model helps to mitigate our direct exposure to tariffs, we are assessing the likely impact, talking to our customers and intend to apply a tariff surcharge to cover any associated incremental costs.”

Croda added that while it recognises that the political and economic environment has become less predictable, the group’s encouraging start to the year means that its full outlook is unchanged and expects to deliver £265m to £295m adjusted profit before tax at constant currency.