Croda enjoys record sales

NATURAL chemicals group Croda International said today it had enjoyed a strong third quarter with global demand for its products continuing to grow.

For the three months ended September 30, 2008, continuing sales were £246.7m , a rise of 25.2% on the same period last year.

Pre-tax profits soared 73.2% higher at £24.6m due to the sales increase, synergies realised from the acquisition of Uniqema, favourable currency translation and a reduced interest charge.

Croda bought oleochemicals business Uniqema from ICI in 2006 for £410m.

The group said it was successfully managing to offset the rising cost of raw materials through price increases.

Croda supplies some of the world’s best known skincare and cosmetics companies such as L’Oreal, Chanel, Clarins, Estee Lauder and Procter & Gamble.

Chairman Martin Flower said the personal care and crop care sectors had shown particular growth.

In addition, favourable currency translation boosted turnover by 12.7%.

Mr Flower said: “Whilst we recognise the uncertainty relating to global trade at present, demand remains robust in all our core markets and we are confident of making further progress, both in the fourth quarter and in 2009.”