Solid start for Croda

CRODA, the speciality chemicals business, continued its strong performance in the first quarter of 2013 after seeing pre-tax profits leap by 6.5%.

In an interim management statement to the Stock Market this morning, the East Yorkshire-based manufacturer also said group turnover grew by 0.4% to £283.1m.

Croda said its pre-tax profit figure of £65.1m was achieved against a particularly strong performance in the same period in 2012 and despite the adverse impact of an earlier Easter this year.
 
Group operating profits were up 4% to £68m.

The statement added: “There has been no significant change in Croda’s financial position during the period. Underlying cash generation in the quarter continued to be good and at the end of March 2013 net debt was £211.1m, an increase of only £3.4m versus the year end despite a payment of £38m into the UK pension fund in January.
 
“The board believes that the Q1 result represents a solid start to the year. The outlook provided in February is unchanged and we expect to report further progress in 2013.”