Croda: World Leaders in Speciality Chemicals

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Results & trading statements

Interim results announcement 2014 22/07/2014

The Interim results announcement on the 22nd July 2014 is now available in PDF format.

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Q2 2014 Pre-Close Trading Update 24/06/2014

The Quarter Two 2014 Pre-Close Trading Update on the 24th June 2014 is now available in PDF format.

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AGM trading statement 24/04/2014

Croda announces its AGM trading statement for 2014.

Croda International Plc

AGM and Interim Management Statement

PROFITABILITY IMPROVED DESPITE ADVERSE CURRENCY TRANSLATION

Croda International Plc today announces its Interim Management Statement for the period since 31 December 2013.

Trading

The modest but improving growth trend in underlying sales seen in the second half of 2013 continued through the first quarter of 2014, despite the disruption caused by the severe weather in North America and difficult economic conditions in South America. On a constant currency basis, Group turnover was up 2.9% with acquisitions contributing 1.6% to this total. However, adverse currency translation of 6.1% meant that reported sales in sterling were down 3.2% to £274.0m (2013: £283.1m).

Group operating profit increased 1.0% to £68.7m (2013: £68.0m). Operating margins increased to 25.1% (2013: 24.0%), reflecting favourable product mix. Return on sales increased to 33.3% (2013: 31.1%) in Consumer Care and to 19.0% (2013: 17.0%) in Performance Technologies as both divisions continued to benefit from strong underlying demand for high value products. Industrial Chemicals’ return on sales reduced to 4.7% (2013: 9.1%), reflecting the integration of Sipo and weaker commodity margins generally.

Pre-tax profits increased slightly to £65.2m (2013: £65.1m) with a stronger underlying performance offset by a £3.5m impact from adverse currency translation.

On a divisional basis, underlying Consumer Care sales decreased by 0.6%. Crop Care was impacted by heavy snow in North America during January and February and weak sales into Eastern Europe. Weak sales in North America and challenging economic conditions in South America were the main reasons behind modest underlying sales declines in Personal Care. Health Care growth was strong in almost all geographies. A further 0.5% contribution to sales growth came from acquisitions.

Underlying sales in Performance Technologies were up 3.7%, continuing the improved trend seen in the final quarter of 2013. Business in Asia was particularly strong. All business areas apart from Home Care saw good sales growth. The Sipo acquisition added an additional 1.7% to turnover.

Underlying Industrial Chemicals sales were up 2.7% and again, Sipo added a further 7.2% to the growth.

Financial Position

There has been no significant change in Croda’s financial position during the period. Interest costs in the quarter were slightly higher than 2013 due to the consolidation of 100% of Sipo’s debt.

Underlying cash generation was again strong in the quarter, with net debt falling £13.6m to £188.6m even after paying over £20m into the UK pension fund in January.

Outlook

We expect the modest improvement in underlying sales growth seen in the first quarter to continue. However, adverse currency translation is expected to remain an issue and consequently, second quarter performance is likely to be similar to that seen in the first quarter. The Board is confident that the Group has the right strategy in place to continue to drive profitable underlying growth.

 

For further information please contact:

Steve Foots/Sean Christie
Croda International Plc

Charlie Armitstead/ Rosie Oddy
Pendomer Communications

 

Tel: 01405 860551

 

Tel:   020 3603 5220

 

The company will host a conference call for analysts at 8.00am (BST) today:

Dial-In: +44 (0) 203 426 2888
Please quote “Croda International” to gain access to the call

 

Croda International Plc
Unaudited income statement for continuing operations
31 March 2014

 

3 months to

3 months to

 

 

31 March

31 March

 

 

2014

2013

Change

Revenue

 

 

 

Consumer Care

148.4

158.4

-6.3%

Performance Technologies

93.8

93.9

-0.1%

Industrial Chemicals

31.8

30.8

+3.2%

 

274.0

283.1

-3.2%

Adjusted operating profit1

 

 

 

Consumer Care

49.4

49.2

+0.4%

Performance Technologies

17.8

16.0

+11.3%

Industrial Chemicals

1.5

2.8

-46.4%

 

68.7

68.0

+1.0%

 

 

 

 

Net bank and loan interest payable

(2.3)

  (1.7)

 

Net retirement benefit scheme financing

(1.2)

(1.2) 

 

Adjusted profit before tax1

65.2

65.1

+0.2%

 

 

 

 

Operating margin

25.1%

24.0%

 

 

Analysis of turnover uplift for continuing operations:

 

 

 

 

 

 

 

 

 

 

Constant

Currency

 

 

Underlying

Acquisitions

Currency

translation

Total

Consumer Care

-0.6%

+0.5%

-0.1%

-6.2%

-6.3%

Performance Technologies

+3.7%

+1.7%

+5.4%

-5.5%

-0.1%

Industrial Chemicals

+2.7%

+7.2%

+9.9%

-6.7%

+3.2%

Total

+1.3%

+1.6%

+2.9%

-6.1%

-3.2%

1 Continuing operations before exceptional items, acquisition costs and amortisation/write off of intangible assets arising on acquisition.

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Preliminary results announcement 2013 25/02/2014

The Preliminary Results Announcement on the 25th February 2014 is now available in PDF format.

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Third quarter trading statement 31/10/2013

Croda announces its results for the nine months to 30 September 2013

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Interim results announcement 2013 23/07/2013

The Interim results announcement on the 23rd July 2013 is now available in PDF format.

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AGM trading statement 25/04/2013

Croda announces its AGM trading statement for 2013.

Croda International Plc

AGM and Interim Management Statement

SOLID START TO 2013; OUTLOOK MAINTAINED

Croda International Plc today announces its Interim Management Statement for the period since 31 December 2012.

Pre-tax profits for the first quarter of 2013 were up 6.5% to £65.1m (2012: £61.1m). This 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 turnover grew marginally by 0.4% to £283.1m (2012: £281.9m). Consumer Care sales were broadly stable at £158.4m (2012: £159.1m), with Crop Care weaker due to the poor weather experienced in a number of regions throughout the period. Personal Care and Health Care sales were flat. Performance Technologies sales were also stable, down only 0.3% to £102.4m (2012: £102.7m) with continuing weakness in Lubricants being the major factor. Industrial Chemicals sales were up 10.4% at £22.3m (2012: £20.2m).

Group operating profits were up 4.0% to £68.0m (2012: £65.4m) increasing return on sales by a further 0.8 percentage points to 24.0% for the quarter. Profits and margins improved in all three of our reporting segments. Consumer Care profits increased 2.3% to £49.2m (2012: £48.1m) with return on sales up at 31.1% (2012: 30.2%). Performance Technologies profits increased 1.9% to £16.1m (2012: £15.8m) with return on sales up at 15.7% (2012: 15.4%). In Industrial Chemicals, profit increased to £2.7m (2012: £1.5m) as a result of the strong sales uplift and favourable commodity prices.

Interest costs decreased due to the reduced pension fund deficit, helping achieve the 6.5% increase in pre-tax profits referred to earlier.

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.

For further information, please contact:

Steve Foots, Group Chief Executive

Tel:   01405 860551

Sean Christie, Group Finance Director

 

 

 

Charlie Armitstead/ Rosie Oddy
Pendomer Communications

Tel:   020 3603 5220

The company will host a conference call for analysts at 8.00am (BST) today:
Dial-In: +44 203 426 2845
Please quote “Croda International” to gain access to the call

Croda International Plc
Unaudited income statement before tax and exceptional items
31 March 2013

 

3 months to

3 months to

 

 

31 March

31 March

 

 

2013

2012

Change

 

 

 

 

Consumer Care

158.4

159.1

-0.4%

Performance Technologies

102.4

102.7

-0.3%

Industrial Chemicals

22.3

20.1

+10.9%

Revenues from continuing operations

283.1

281.9

+0.4%

 

 

 

 

Consumer Care

49.2

48.1

+2.3%

Performance Technologies

16.1

15.8

+1.9%

Industrial Chemicals

2.7

1.5

+80.0%

Operating profit from continuing operations

68.0

65.4

+4.0%

 

 

 

 

Net bank and loan interest payable

(1.7)

  (2.0)

 

Net retirement benefit scheme financing

(1.2)

(2.3) 

 

Profit before tax from continuing operations

65.1

61.1

+6.5%

 

 

 

 

Operating margin

24.0%

23.2%

 

 

 

 

 

 

Analysis of turnover uplift for continuing operations

 

 

 

 

 

 

 

   Volume

 

 

+0.1%

   Mix and price

 

 

-0.9%

   Underlying

 

 

-0.8%

   Acquisitions

 

 

+0.1%

   Currency translation

 

 

+1.1%

 

 

 

+0.4%

This statement has been prepared in accordance with the revised IAS19 rules regarding the accounting for post-retirement benefits. 2012 results have been restated so the figures are comparable.

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Preliminary results announcement 2012 26/02/2013

The Preliminary Results Announcement on the 26th February 2013 is now available in PDF format.

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File name: Croda_2012_Preliminary_Results.pdf

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Third quarter trading statement 01/11/2012

Croda announces its results for the nine months to 30 September 2012.

Interim Management Statement and announcement of disposal

Croda International Plc (“Croda”) today announces its interim management statement for the period since 1 July 2012 and the disposal of its Italian business based in Cremona. All figures in this statement, including those for the comparative periods, exclude this business which will be treated as discontinued in the full year accounts.

Trading

Trading in the third quarter was robust considering the depressed market conditions, particularly in Europe. Underlying* Group sales were up 3.2% compared to 2011.

Month to month trading has been volatile: sales were in line with expectations in July and August but trading weakened in September, usually a strong month. Adverse currency translation averaged 2.8% but the exit rate for the quarter was 6.2%. Including the adverse currency impact, continuing sales were up 0.5% at £256.5m (2011: £255.2m). As in previous quarters, we saw turnover decline in Europe but experienced growth in all other major regions. Volumes were up 8.9% overall but the strongest growth came in lower value products in Performance Technologies and Industrial Chemicals (which were weak in the third quarter of 2011). This meant that average selling prices fell by 5.7%. We fully recovered raw material inflation.

Despite an adverse mix, operating margins increased to 23.3% (2011: 22.3%). As a result, continuing operating profit increased 4.7% to £59.7m (2011: £57.0m) and continuing pre-tax profit increased 4.4% to £59.3m (2011: £56.8m).

Against a very strong third quarter in 2011, Consumer Care sales were down 2.7% due to slow Personal Care sales, particularly in Europe. Health Care and Crop Care both saw sales increase in the quarter. Return on sales grew 2.5 percentage points to 31.4% driven primarily by a number of successful product launches but also due to a lower allocation of central costs as a consequence of the reduced turnover. This resulted in operating profit growth of 5.7% to £44.2m (2011: £41.8m).

Performance Technologies sales were up 2.5% at £94.7m (2011: £92.4m). We saw growth in all business sectors apart from Lubricant Additives. Again, we successfully launched a significant number of new products but the strongest growth in the quarter came from existing, lower margin, less differentiated products. The higher volumes relative to Consumer Care led to an increased allocation of central costs to this segment. These factors reduced overall return on sales to 14.1% (2011: 14.8%) and resulted in a profit reduction of 2.2% to £13.4m (2011: £13.7m).

Industrial Chemicals performed strongly with sales up 16.1% to £20.9m (2011: £18.0m). Profits in this sector increased 40.0% to £2.1m (2011: £1.5m).

Despite the soft trading environment in Europe and the currency headwinds, our operating profit for the year to date at £193.5m is 8.2% ahead of a strong 2011 comparative period. This continues to vindicate our strategy of concentrating on high value, niche markets with innovative technologies, supplying to customers both large and small around the world.

* Excluding acquisitions, disposals and currency

Financial Position

Net debt reduced by £5.8m to £202.2m in the quarter despite a £10.2m payment to the pension fund as part of the funding plan announced with the interim results.

There were no significant events or transactions during the period which resulted in a material impact on the financial position of the Group.

Disposal

We are announcing today the sale of our Italian business based in Cremona to a private company located in Italy for a consideration equivalent to the working capital value. Completion is subject to a number of minor conditions but is expected to take place before the year end. The business was acquired with Uniqema in 2006 and is focused on the manufacture of basic products for the Performance Technologies and Industrial Chemicals sectors. In the first nine months of the year it had a turnover of £25.4m (2011: £32.2m) and made an operating loss of £0.1m (2011: operating profit £4.1m). In the third quarter it had sales of £7.8m (2011: £10.4m) and broke even (2011: £0.6m profit).

Commenting on the outlook, Martin Flower, Chairman of Croda said:

“Quarter four has started well. However, with the market remaining weak, particularly in Europe, and currency headwinds, we expect a similar performance in quarter four to that seen in the third quarter. Looking further forward, the Board remains confident that Croda has the right strategy for continued growth.”

 

For further information please contact:

Steve Foots

Group Chief Executive

01405 860 551

Sean Christie

Group Finance Director

01405 860 551

Charlie Armitstead

Pendomer Communications

020 3603 5224

 

The company will host a conference call for analysts at 8.00am today.

Please dial +44 (0) 20 3140 0722 and quote “Croda International” to gain access to the call.



Additional Information

£m Q3 9 months
2012 2011 2012 2011
Consumer Care 140.9 144.8 -2.7% 450.1 437.0 +3.0%
Performance Technologies 94.7 92.4 +2.5% 298.9 291.9 +2.4%
Industrial Chemicals 20.9 18.0 +16.1% 62.8 64.1 -2.0%
Continuing turnover 256.5 255.2 +0.5% 811.8 793.0 +2.4%
Consumer Care 44.2 41.8 +5.7% 140.9 128.6 +9.6%
Performance Technologies 13.4 13.7 -2.2% 46.3 42.5 +8.9%
Industrial Chemicals 2.1 1.5 +40.0% 6.3 7.7 -18.2%
Continuing operating profit 59.7 57.0 +4.7% 193.5 178.8 +8.2%
Operating margin 23.3% 22.3% 23.8% 22.6%
Interest (0.4) (0.2) (1.5) (0.7)
Continuing pre tax profit 59.3 56.8 +4.4% 192.0 178.1 +7.8%
Analysis of Q3 turnover uplift
Price/mix -5.7% +0.7%
Volume +8.9% +3.5%
Underlying +3.2% +4.2%
Acquisition +0.1% -
Currency -2.8% -1.8%
Increase in continuing turnover +0.5% +2.4%

 

Supplementary analysis for continuing operations
30 September 2012
Unaudited £m

2012

2012

2012

Q1

Q2

Q3

Turnover
Consumer Care 159.1 150.1 140.9
Performance Technologies 102.7 101.5 94.7
Industrial Chemicals 20.1 21.8 20.9
281.9 273.4 256.5
Profits
Consumer Care 48.2 48.5 44.2
Performance Technologies 15.8 17.1 13.4
Industrial Chemicals 1.5 2.7 2.1
65.5 68.3 59.7
Interest (0.7) (0.4) (0.4)
64.8 67.9 59.3
2011 2011 2011 2011 2011
Q1 Q2 Q3 Q4 Year
Turnover
Consumer Care 145.7 146.5 144.8 135.1 572.1
Performance Technologies 99.2 100.3 92.4 84.5 376.4
Industrial Chemicals 22.6 23.5 18.0 23.6 87.7
267.5 270.3 255.2 243.2 1,036.2

Profits

Consumer Care 41.8 45.0 41.8 42.6 171.2
Performance Technologies 14.6 14.2 13.7 12.8 55.3
Industrial Chemicals 2.7 3.5 1.5 3.5 11.2
59.1 62.7 57.0 58.9 237.7
Interest (0.2) (0.3) (0.2) 0.5 (0.2)
58.9 62.4 56.8 59.4 237.5

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Interim results announcement 2012 24/07/2012

The Interim results announcement on the 24th July 2012 is now available in PDF format.

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File name: Interim-report-24-07-12.pdf

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AGM trading statement26/04/2012

Croda announces its AGM trading statement for 2012.

AGM Trading Statement - 26 April 2012

Strong start to 2012

Martin Flower, Chairman of Croda International Plc, is due to provide the following update on first quarter trading for the period ended 31 March 2012 at today’s Annual General Meeting:

"I am pleased to report that we achieved record Group results in the first three months of 2012, driven by our highest ever quarterly sales and profits in both Consumer Care and Performance Technologies.

Group sales from continuing operations increased 4.7% to £291.0m (2011: £277.9m). We achieved sales growth in all the major geographical areas in which we operate and volumes were much improved versus the run rates seen during the second half of 2011. Group operating profit from continuing operations was up 8.0% to £65.8m (2011: £60.9m).

Group pre-tax profit from continuing operations increased 7.2% to £65.1m (2011: £60.7m).

All business areas within Consumer Care saw very good growth, resulting in a sales uplift of 9.2% to £159.7m (2011: £146.3m) and a 13.7% increase in operating profit to £48.2m (2011: £42.4m). Return on sales was 30.2%.

Performance Technologies sales increased by 2.9% to £106.9m (2011: £103.9m), in line with expectations, and operating profit increased by 1.2% to £16.3m (2011: £16.1m). Return on sales was 15.2%. This was an encouraging result against very strong comparatives in the first quarter of 2011 when we experienced profit growth of 56.3%.

In Industrial Chemicals, which represents less than 2% of Group operating profit, sales fell by 11.9% to £24.4m (2011: £27.7m) due to slow demand in Europe. This led to a 45.8% fall in operating profit to £1.3m (2011: £2.4m).

Raw material costs have started to rise and we began to introduce price increases across a number of product areas from April.

Strong cash generation and a final receipt of £15.9m from the 2008 sale of our Chicago business reduced net debt by £45.2m to £185.9m (year end 2011: £231.1m).

The Board believes that these results represent a strong start to the year and we remain confident that 2012 will be another year of progress for Croda."

 

BulletView unaudited income statement before tax and exceptional items

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Preliminary results announcement 2011(12 months ended 31 December 2011)

The Preliminary Results Announcement on the 21st February 2012 is now available in PDF format.

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Third quarter trading statement27/10/2011

Croda announces its results for the nine months to 30 September 2011.

Commenting on trading for the quarter ended 30 September 2011, Martin Flower, Chairman of Croda International Plc, said:

"I am pleased to report good turnover and profit progress in the third quarter, driven by sales growth and margin improvement in our core businesses.

For the three months ended 30 September 2011, Group sales from continuing operations increased 5.1% to £265.6m (2010: £252.6m). In most business areas we saw an improving trend during the quarter.

Operating profit from continuing operations increased 18.3% to £57.6m (2009: £48.7m). Interest costs fell, resulting in continuing pre-tax profit increasing 20.8% to £57.4m (2010: £47.5m). Year-to-date, the pre-tax profit from continuing operations is up 27.1% at £182.2m (2010: £143.4m).

Consumer Care continued to trade strongly in the third quarter, reporting a significant increase in sales (+13.6%) and operating profit (+30.8%) and improved margins versus the corresponding quarter in 2010. Sales and operating profits in all business areas within Consumer Care were well ahead of 2010.

Industrial Specialities turnover declined 3.5% against the tough comparatives of a particularly strong third quarter in 2010. The shortfall was in July, with sales in the rest of the period ahead of 2010. Operating profit was down 6.8% with a decrease in commodity and by-product profitability being partially mitigated by stronger performances elsewhere in the sector.

Net debt reduced by £15.5m to £237.8m in the quarter (2010: £240.7m) despite completing the £50m buyback programme in the period.

Croda continues to trade well and we expect to report further progress in the final quarter and into 2012."

£m Q3 9 months
2011 2010 2011 2010
Consumer Care 145.6 128.2 +13.6% 439.2 392.6 +11.9%
Industrial Specialities 120.0 124.4 -3.5% 386.0 371.9 +3.8%
Continuing turnover 265.6 252.6 +5.1% 825.2 764.5 +7.9%
Consumer Care 42.5 32.5 +30.8% 130.5 103.6 +26.0%
Industrial Specialities 15.1 16.2 -6.8% 52.4 45.6 +14.9%
Continuing operating profit 57.6 48.7 +18.3% 182.9 149.2 +22.6%
Operating margin 21.6% 19.3% 22.2% 19.5%
Interest (0.2) (1.2) (0.7) (5.8)
Continuing pre tax profit 57.4 47.5 +20.8% 182.2 143.4 +27.1%
Analysis of Q3 turnover uplift
Price/mix +18.4%
Volume -14.8%
Currency translation +1.5%
Continuing turnover increase +5.1%

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Interim results announcement 2011 (6 months ended 30 June 2011)

The Interim results announcement on the 28th July 2011 is now available in PDF format.

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AGM trading statement28/04/2011

Croda announces its AGM trading statement for 2011.

Martin Flower, Chairman of Croda International Plc, is due to provide the following update on first quarter trading for the period ended 31 March 2011 at today's Annual General Meeting:

"I am pleased to report a strong start to 2011 with record sales and profits in both Consumer Care and Industrial Specialities with robust demand continuing across all major geographies.
Group sales increased 13.2% to £277.9m (2010: £245.5m) despite adverse currency translation of 2.4%. Overall volumes were slightly down as we continue to reposition our Industrial Specialities operations away from lower price/higher volume products towards more speciality business. Average prices rose during the quarter as we passed on significant raw material cost increases into the market. We have implemented further price increases where necessary in April.

Group pre-tax profit from continuing operations increased 40.2% to £60.7m (2010: £43.3m).

On a segmental basis, Consumer Care operating profit was up 22.2% to £42.4m (2010: £34.7m) with Personal Care, Health Care and Crop Care all seeing significant sales and profit growth.

Industrial Specialities again achieved extremely robust profit growth of 63.7% to £18.5m (2010: £11.3m) despite the volume decline described above and adverse currency movements. Net debt reduced by £5.3m since the year-end to £215.1m despite an unfavourable currency movement of £1.5m.

We are pleased with the performance to date and are confident of reporting further progress throughout 2011."

 

BulletView unaudited income statement before tax and exceptional items

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Preliminary results announcement 2010 (12 months ended 31 December 2010)

The Preliminary Results Announcement on the 22nd February 2011 is now available in PDF format.

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File name: Croda2010PreliminaryStatement.pdf

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Third quarter trading statement28/10/2010

Croda announces its results for the nine months to 30 September 2010.

Commenting on trading for the quarter ended 30 September 2010, Martin Flower, Chairman of Croda International Plc, said:

“I am pleased to report continued strong progress in the third quarter, driven by significant sales growth building on a robust 2009 performance.

For the three months ended 30 September 2010, Group sales from continuing operations increased 18.6% to £255.3m (2009: £215.2m). Sales volumes increased by 12.1% compared to 2009. More importantly the two year volume trend versus 2008 (which takes out most of the effect of the recession) is showing increasing momentum:

2010 v 2009 2009 v 2008 2 year growth
Q1: +30% -28% -6%
Q2: +26% -24% -4%
Q3: +12% -6% +5%

Quarter three is normally a quieter trading period than either of the first two quarters. Operating profit from continuing operations increased 47.1% to £48.7m (2009: £33.1m). Interest costs fell, due to lower borrowings, resulting in continuing pre-tax profit increasing 56.8% to £47.5m (2009: £30.3m).

Year-to-date, the pre-tax profit from continuing operations is up 87.6% at £143.7m (2009: £76.6m).

In quarter three Consumer Care has continued to trade robustly with big increases in sales (+15.4%) and operating profit (+32.5%) and improved margins versus the corresponding quarter in 2009. All business areas were ahead of 2009 with Crop Care delivering a particularly strong performance.

In Industrial Specialities the third quarter trading improvement versus 2009 is more marked with sales and profits up 22.1% and 89.4% respectively. Again, all business areas were ahead of 2009 in both sales and profits.

The quarter also saw a significant reduction in net debt with a cash inflow of £32.2m before adverse currency translation of £3.2m, bringing the year-to-date figure to £47.4m with favourable currency translation taking the total net debt reduction to £47.8m for the nine months. At the end of September, net debt stood at £240.7m.

Croda continues to trade strongly and we expect to report further year on year progress in the final quarter of 2010 and into 2011.”

£m Q3 9 months
2010 2009 2010 2009
Consumer Care 128.2 111.1 392.5 343.5
Industrial Specialities 127.1 104.1 379.9 280.1
Continuing turnover 255.3 215.2 +18.6% 772.4 623.6 +23.9%
Consumer Care 32.6 24.6 103.8 77.4
Industrial Specialities 16.1 8.5 45.7 9.4
Continuing operating profit 48.7 33.1 +47.1% 149.5 86.8 +72.2%
Operating margin 19.1% 15.4% 19.4% 13.9%
Interest (1.2) (2.8) (5.8) (10.2)
Continuing pre tax profit 47.5 30.3 +56.8% 143.7 76.6 +87.6%
Analysis of Q3 turnover uplift
Price/mix +4.4%
Volume +12.1%
Currency translation +2.1%
Continuing turnover increase +18.6%

Industrial Specialities turnover for 2009 and 2010 restated to include final adjustments relating to the discontinued Emmerich business.

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Interim results announcement 2010 (6 months ended 30 June 2010)

The Interim results announcement on the 27th July 2010 is now available in PDF format.

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File name: InterimPresentationFY2010.pdf

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AGM trading statement28/04/2010

Croda announces its AGM trading statement for 2010.

Martin Flower, Chairman of Croda International Plc, is due to provide the following update on first quarter trading at today’s Annual General Meeting:

“At the time of our preliminary results in February we reported that the strong trading performance seen in the second half of 2009 had continued into 2010. We are now able to report record quarterly sales and profits in both Consumer Care and Industrial Specialities.

Group sales increased 14.7% to £264.7m (2009: £230.8m) despite adverse currency translation of 4.1%, with overall volumes increasing 26.0%.

Group pre-tax profit from continuing operations almost doubled to £42.4m (2009: £21.7m).

On a segmental basis, Consumer Care operating profit was up 20.6% to £34.6m (2009: £28.7m) despite challenging 2009 comparatives. Underlying sales increased strongly in both Personal Care and Health Care but Crop Care sales were down in line with the market. Overall sales increased to £130.0m, up 1.4% on last year’s figure of £128.2m, despite the adverse currency translation.

Industrial Specialities reversed last year’s £2.4m loss to record an operating profit of £10.5m with almost all areas seeing significant revenue and profit increases. Volumes increased dramatically and this is driving the 31% increase in revenues to £134.7m (2009: £102.6m).

As a consequence of the cash restructuring costs from the closures of both Bromborough and Wilton and adverse currency translation of £5.8m, net debt was little changed from the year end at £292.7m.

This is a very strong performance across the business and reflects both robust demand for our products globally and the benefits of the cost cutting activity we have undertaken since the acquisition of Uniqema. However, the buoyant trading conditions we have experienced have been seen across the chemical sector, suggesting an element of restocking. Furthermore, prior year comparatives do get tougher in the second half. We also expect to see raw material inflation begin to increase in many areas.

Notwithstanding the above, the robust trading has continued into quarter two and we remain confident of achieving significant progress throughout the remainder of 2010.”

 

BulletView unaudited income statement before tax and exceptional items

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Preliminary results announcement 2009 (12 months ended 31 December 2009)

The Preliminary Results Announcement on the 23rd February 2010 is now available in PDF format.

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Third quarter trading statement29/10/2009

Croda announces its results for the nine months to 30 September 2009.

Commenting on trading for the quarter ending 30 September 2009, Martin Flower, Chairman of Croda International Plc, said:

“I am pleased to report strong progress in the third quarter, resulting in record sales and pre-tax  profits from continuing operations. The result took the year-to-date pre-tax profit above that recorded in the same period in 2008 despite the effects of the recession on industrial end markets and the lack of last year’s windfall glycerine profit (worth £7.8m year-to-date).

For the three months ended 30 September 2009, Group sales from continuing operations increased 1.1% to £238.1m (2008: £235.4m). Operating profit from continuing operations increased 23.5% to £34.7m (2008: £28.1m). Interest costs fell, due to both lower borrowings and lower rates, resulting in continuing pre-tax profit increasing 31.3% to £31.9m (2008: £24.3m).

Year-to-date, the pre-tax profit from continuing operations is up 0.8% at £75.5m (2008: £74.9m).

Our performance during the quarter was helped significantly by an impressive improvement in Industrial Specialities trading. Whilst overall volumes remain down on 2008, the severe destocking in our industrial customer base does appear to have come to an end. Industrial Specialities has been trading profitably for four months with a steadily improving trend in both volumes and profitability. Third quarter operating profit is up 47.0% to £9.7m (2008: £6.6m), a record for this sector.

Consumer Care has continued to trade robustly with double digit increases in sales and operating profit and improved margins versus the corresponding quarter in 2008.

The quarter also saw another significant reduction in net debt with a cash inflow of £31.2m before adverse currency translation of £11.7m, bringing the year-to-date figure to £53.2m with favourable currency translation taking the total net debt reduction to £66.5m for the nine months. At the end of September, net debt stood at £331.6m.

Croda’s robust and efficient business model, together with the steps we have taken to reduce costs, has enabled the Group to overcome tough market conditions. We are confident of making further progress, both in the rest of the current year and in 2010.”

a third quarter trading statement 2009

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Interim results announcement 2009 (6 months ended 30 June 2009)

The Interim results announcement on the 28th July 2009 is now available in PDF format.

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AGM trading statement29/04/2009

Croda announces its AGM trading statement for 2009.

Commenting on trading for the quarter ending 30 September 2009, Martin Flower, Chairman of Croda International Plc, said:

“I am pleased to report strong progress in the third quarter, resulting in record sales and pre-tax  profits from continuing operations. The result took the year-to-date pre-tax profit above that recorded in the same period in 2008 despite the effects of the recession on industrial end markets and the lack of last year’s windfall glycerine profit (worth £7.8m year-to-date).

For the three months ended 30 September 2009, Group sales from continuing operations increased 1.1% to £238.1m (2008: £235.4m). Operating profit from continuing operations increased 23.5% to £34.7m (2008: £28.1m). Interest costs fell, due to both lower borrowings and lower rates, resulting in continuing pre-tax profit increasing 31.3% to £31.9m (2008: £24.3m).

Year-to-date, the pre-tax profit from continuing operations is up 0.8% at £75.5m (2008: £74.9m).

Our performance during the quarter was helped significantly by an impressive improvement in Industrial Specialities trading. Whilst overall volumes remain down on 2008, the severe destocking in our industrial customer base does appear to have come to an end. Industrial Specialities has been trading profitably for four months with a steadily improving trend in both volumes and profitability. Third quarter operating profit is up 47.0% to £9.7m (2008: £6.6m), a record for this sector.

Consumer Care has continued to trade robustly with double digit increases in sales and operating profit and improved margins versus the corresponding quarter in 2008.

The quarter also saw another significant reduction in net debt with a cash inflow of £31.2m before adverse currency translation of £11.7m, bringing the year-to-date figure to £53.2m with favourable currency translation taking the total net debt reduction to £66.5m for the nine months. At the end of September, net debt stood at £331.6m.

Croda’s robust and efficient business model, together with the steps we have taken to reduce costs, has enabled the Group to overcome tough market conditions. We are confident of making further progress, both in the rest of the current year and in 2010.”

a third quarter trading statement 2009

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Preliminary results announcement 2008 (12 months ended 31 December 2008)

The Preliminary Results Announcement on the 17th February 2008 is now available in PDF format.

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Third quarter trading statement04/11/2008

Croda announces its results for the nine months to 30 September 2008.

Commenting on trading for the third quarter ending 30 September 2008, Martin Flower, Chairman of Croda International Plc, said:

"I am pleased to report that the very strong trading performance seen in the first half has continued in the third quarter.

Global demand for our core products remains robust with the Personal Care and Crop Care sectors showing particularly strong growth. For the three months ended 30 September 2008, continuing sales were £246.7m (2007: £197.1m), up 25.2% versus the corresponding period last year. Continuing pre-tax profit was 73.2% higher at £24.6m (2007: £14.2m) due to the sales increase, synergies realised from the acquisition of Uniqema, favourable currency translation and a reduced interest charge.

Significant raw material inflation continued throughout the period which was fully recovered through price increases. On a constant currency basis, our average selling price per tonne increased 20.5% versus the corresponding period last year. This reflects not only price increases but also favourable mix from shedding low quality business and the higher sales value of the turnover formerly carried out by third party distributors. In addition, favourable currency translation boosted turnover by 12.7%.

Consumer Care volumes were ahead of last year but overall volumes were down as a result of our continuing strategy to shed low margin commodity business together with slight weakness in Plastics Additives and Polymer and Coatings sales which reduced Industrial Specialities volumes.

Operating margins were 1.3 percentage points higher than the corresponding period last year. The lower Industrial Specialities volumes meant that the allocation of overheads to Consumer Care was higher and this, plus the level of seasonal maintenance work undertaken in the period, had the effect of slightly reducing sequential and comparative Consumer Care operating margins. As anticipated, Industrial Speciality margins were well ahead of last year but below those seen in the first half due in part to glycerine pricing. A detailed breakdown of the third quarter's results is set out below.

Record sales in September, raw material inflation, restructuring costs and a £6.0m tax payment on the sale of Chicago combined to produce a cash outflow of £17.0m in the quarter despite reduced physical working capital and strong profits. At 30 September 2008, net debt was £364.7m with £16.0m of the year to date increase due to the effects of volatile exchange rates on the translation of our opening Euro and Dollar debt at closing exchange rates.

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"

£m   Q3   9 months
  2008 2007   2008 2007  
Consumer Care 112.5 91.1     328.5 267.8  
Industrial Specialities 134.2 106.0     406.9 332.2  
Continuing Turnover 246.7 197.1 +25.2%   735.4 600.0 +22.6%
               
Consumer Care 21.6 18.1     65.9 53.8  
Industrial Specialities 6.8 2.0     24.0 5.6  
Continuing operating profit 28.4 20.1 +41.3%   89.9 59.4 +51.3%
Operating Margin 11.5% 10.2%     12.4% 9.9%  
Interest

(3.8)

(5.9)

   

(12.4)

(17.4)

 
Continuing pre tax profit 24.6 14.2 +73.2%   77.5 42.0 +84.5%
               
Profit after tax from discontinued operations - 2.2     2.9 7.5  
               
Analysis of Q3 turnover uplift              
Average selling price     +20.5%        
Volume     -   8.0%        
Currency translation     +12.7%        
Continuing turnover increase     +25.2%    

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Interim results announcement 2008 (6 months ended 30 June 2008)

The Interim Results Announcement on the 29th July 2008 is now available in PDF format.

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AGM trading statement30/04/2008

Croda announces its AGM trading statement for 2008.

Martin Flower, Chairman of Croda International Plc, is due to make the following statement at today’s Annual General Meeting:

“I am pleased to report that the exceptionally strong trading momentum seen in the second half of 2007 was sustained throughout the first quarter as we continued to experience robust demand for our products around the world.

For the 3 months ended 31 March 2008, continuing turnover increased to £265.3m, up 16.4% from £227.9m in the same period last year. Continuing pre-tax profit was up 84.8% to £27.9m compared to £15.1m in the first quarter of 2007. Our exit from low margin commodity business reduced volumes but we made further progress in sales, margins and profits in both our Consumer Care and Industrial Specialities divisions.

During the quarter we increased our average selling prices by 16.5% over the same period last year as we continue to fully recover input cost inflation. The integration of Uniqema is going well and we remain on track to deliver synergies of at least £30m per annum by the end of 2008.

Our robust underlying performance was further enhanced by the significant increase in glycerine prices, which have more than doubled from the same period last year, contributing an additional £4.5 million to Group profits. However, it is likely that glycerine prices will weaken during the rest of the year. In addition, the strong euro meant that we had favourable currency translation overall during the first quarter.

Continuing our strategy to focus on core businesses, we sold our 46.5% interest in Baxenden Chemicals for a total cash consideration of £13m on 29 February 2008. Assisted by our strong trading performance, this disposal helped to reduce net debt from £366.0m at the year end to £356.8m by the end of the first quarter.

This year we are moving to more detailed quarterly reporting in line with best practice. A breakdown of the results for the first quarter, including sales analysis, divisional sales and profit trends together with a quarterly split of last year’s results, is attached to this statement.

Overall, the outlook for 2008 remains favourable and the Board continues to be confident of delivering further progress in line with its current expectations for the full year.

Finally, Croda will be announcing its interim results on 29 July 2008.”

BulletView unaudited income statement and 2007 trading by Quarter

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Preliminary results announcement 2007 (12 months ended 31 December 2007)

Croda announces its preliminary results for the year to 31 December 2007

Highlights

 

2007

2006

change

Sales - continuing operations

£886.1m

£480.1m

 

Profit before tax - before exceptional items

- Continuing

£66.5m

£52.5m

+26.7%

- Total including discontinued activities

£74.7m

£54.5m

+37.1%

Profit before tax

£60.9m

£17.2m

Earnings per share – continuing operations before exceptional items

37.1p

28.9p

+28.4%

Earnings per share – basic

64.8p

6.3p

 

Dividend per share

15.75p

14.30p

+10.1%

Bullet Uniqema acquisition a tremendous success
  • Synergies achieved 12 months ahead of schedule
  • Synergies contributed £17m to the full year result
  • Total synergies now forecast to exceed £30m
BulletStrong profit and margin performance in both Consumer Care and Industrial Specialities
BulletCost inflation fully recovered with average price increases of 12.3%
BulletRecord number of new product launches
Bullet £41m profit after tax on disposal of non core businesses

Commenting on the results, Chairman, Martin Flower said:

“This has been another exceptional year for Croda. Our ability to produce consistent earnings and margin growth underlines the strength of our core business and confirms our leadership position in our markets. Record results have been achieved despite a strong currency headwind and a further rise in raw material costs.

The integration of Uniqema is well ahead of schedule. The ongoing benefits of this acquisition, combined with our strong underlying business and robust demand for Croda products across the globe, mean that we are confident of delivering further progress, in line with our expectations for 2008.”

 

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Third quarter trading statement01/11/2007

Croda announces its results for the nine months to 30 September 2007.

Commenting on the results for the nine months to 30 September 2007, Martin Flower, Chairman said:

“Mix improvements and price increases resulted in underlying1 sales up 2% on a constant currency basis despite continuing to shed low margin business following the acquisition of Uniqema in September 2006. Adverse currency movements left underlying1 sales down 3%.

Our unaudited management accounts show continuing pre-tax profit up 20% after excluding £5.7m operating profit (2006: £1.1m) from the discontinued businesses (Croda Food Services, Refrigeration Lubricants and our Malaysian operations in Klang).

Net debt at the end of the quarter was £415m and does not include the proceeds from the £62m sale of the Refrigeration Lubricants business which will complete today.

Many raw material prices are at all time highs but selling price increases have been and will continue to be implemented. Our restructuring and re-positioning strategies are on track, delivering the expected contribution to Group results.”

Croda International Plc will be announcing its preliminary results for 2007 on 19 February 2008.

1Underlying sales include pro-forma Uniqema revenues for 2006, but exclude discontinued businesses.

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Interim results announcement 2007 (6 months ended 30 June 2007)

Highlights

  • Turnover – continuing operations increased to £472.4m (2006: £156.6m).
  • Pre-tax profit – continuing operations up 23.0% to £34.7m (2006: £28.2m).
  • EPS – continuing operations up 11.3% to 16.7p (2006: 15.0p).
  • Interim dividend increased 6.5% to 4.95p per share (2006: 4.65p).
  • Pension deficit reduced to £56.6m (December 2006: £140.5m).
  • Repositioning of Uniqema progressing to plan.

Commenting on the results, Chairman, Martin Flower, said:

“The Group has performed well across all areas of the business, despite the widely documented cost pressures facing the sector at present. Uniqema has been successfully integrated and we remain confident that the Group will make further good progress in the second half of this year.”

 

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AGM trading statement26/04/2007

Croda announces its AGM trading statement for 2007.

Commenting at today’s AGM, Martin Flower, Chairman of Croda International Plc, said:

“The encouraging trading seen in January has continued through to the end of the first quarter. Our unaudited management accounts show revenues and profits are in line with expectations despite significant adverse currency movements versus last year. Even after exiting some unprofitable business acquired with Uniqema , pro-forma revenues for continuing operations in the enlarged group are up 5.5% on a constant currency basis versus the corresponding period last year (1% down post a 6.5% adverse currency translation).

Pre-tax profits from continuing operations are up by almost 17% in spite of the adverse currency effect in the quarter versus last year. The planned synergy gains are developing steadily month by month as we realise the benefits of our swift and efficient integration of Uniqema.

Net debt was £394m at the end of March principally due to one off payments into the pension fund and the settlement of working capital and cash adjustments with ICI relating to the acquisition of Uniqema.

As reported in our annual report and accounts, Mike Ward is standing down from the Board at the end of today’s AGM after six years with Croda. The Board thanks Mike for his contribution and wishes him well for the future. Mike Buzzacott will be assuming the chairmanship of the Audit Committee.

We are pleased to announce the appointment of Stanley Musesengwa as a non-executive director of the Company with effect from 7 May.  Stanley is currently a director and the Chief Operating Officer of Tate & Lyle PLC. Since joining the Tate & Lyle group in 1979, he has held a number of senior international roles including Chief Executive Officer of Tate & Lyle Europe from 1999 to 2003.  We look forward to welcoming Stanley to the Board and believe his extensive high level commercial experience will be a great asset to us.”

There are no further matters to be disclosed under LR9.6.13R of the Listing Rules of the UK Listing Authority.

Croda International Plc will be announcing its interim results on 25 July 2007.

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