Croda profits double to £96.2m
CHEMICAL company Croda saw pre-tax profits more than double in the first half of the year as both of its divisions reported record results this morning.
Pre-tax profits in the first six months of 2010 were £96.2m for the Goole-based firm as sales rose by 27.6%.
Croda International, which manufactures chemicals for both the personal care and industrial sectors, also cut its debts by £18.8m and confirmed that the recent sale of Emmerich Oleochemicals for £50m completes the company’s restructuring programme.
Chairman Martin Flower said: “This is another very impressive performance that highlights once again the quality of the business.
“Record results in both consumer care and industrial specialities, with all business areas and all major geographies contributing to the increased profits, demonstrate Croda’s resilience and strong market position.
“The group is now benefiting in full from the acquisition of Uniqema in 2006 as well as from the initiatives taken to reduce costs. Whilst prior year comparatives do get tougher in the second half, we expect to make further profit progress throughout the rest of the year”.
Croda has undergone a restructuring programme which saw it close operations in Teesside and Merseyside to make savings of around £5m a year.
The company will pay a dividend of 9.75p per share, up from 6.5p last year.
