Smart science to improve lives™

Recent financial performance and KPIs

Our most recent results for the full year 2022 were announced on the 28 February 2023:

Powerful operating model and consistent execution deliver record performance

Sales up 11% at over £2 billion, with successful input cost inflation recovery reflecting strength of business model

  • Growth across Consumer Care and Life Sciences, driven by price/mix 24% higher
  • Strong performance in Asia, Western Europe and Latin America

Adjusted operating profit up 10%, exceeding £500m for the first time

  • Profit growth across all three sectors
  • Return on sales broadly flat at 24.7% (2021: 24.8%) - improved mix from divestment and lower remuneration charge offset by normalising Life Sciences margin and adverse operating gearing

IFRS profit before tax up 90% to £780.0m (2021: £411.5m), including £356.0m gain on divestment

Improved free cash flow of £167.4m (2021: £153.6m), with moderating raw material prices starting to benefit working capital

Increase in full year dividend of 8% to 108.0p (2021: 100.0p)

Portfolio repositioned - aligned with emerging megatrends 

Completed divestment of majority of Performance Technologies and Industrial Chemicals (PTIC) 

  • Creates stronger margin, higher return, less cyclical, greater IP and lower carbon intensive business

Reinvesting proceeds to drive future growth

  • Enhanced organic capital investment programme, supported by government co-investment in Pharma
  • Agreed acquisition of Solus Biotech for c£232m, expanding fast growth Beauty Actives business in Asia

Robust sector performances 

Consumer Care performance demonstrating increased resilience 

  • Record sales and adjusted operating profit delivered; encouraging growth in F&F
  • Lower second half year volume and margin, primarily due to destocking and supply constraints 

Life Sciences building on exceptional prior year

  • Further strong progress, driven by excellent Crop Protection performance
  • Extensive pipeline of non-Covid delivery systems driving growth in Pharma, offsetting reduction in lipid systems for Covid-19 applications

 

Full year 2022 results announcement

Full year 2022 results presentation

Full year 2022 results

2022 has been a milestone year for Croda as we continued our transition to a pure play Consumer Care and Life Sciences business, evolving our portfolio to be more closely aligned to the emerging megatrends driving our markets. For the first time, we delivered over £2 billion in sales and £500 million in adjusted operating profit, reflecting progress across all areas of our business. 
“2022 has been a milestone year for Croda as we continued our transition to a pure play Consumer Care and Life Sciences business, evolving our portfolio to be more closely aligned to the emerging megatrends driving our markets. For the first time, we delivered over £2 billion in sales and £500 million in adjusted operating profit, reflecting progress across all areas of our business. Consumer Care is increasingly resilient, supported by encouraging growth in our F&F business, whilst Life Sciences has built on an exceptional prior year, with an exciting project pipeline in Pharma and a stand-out performance in Crop Protection. These record results have been achieved whilst managing a challenging environment. This demonstrates the power of our business model, our consistent execution, an increased resilience, following our recent portfolio changes, and the increasing importance of our products in our markets. We have a disciplined investment approach which is driving both organic and acquisitive growth. The increased depth, breadth and resilience of Croda’s business and the significant opportunities that we see in our high-growth markets underpin our confidence for the year ahead.”
    

Key performance indicators (KPIs)

We identify targets and measure our progress towards delivering our strategic objectives. 

We updated our sustainability KPIs in 2020 to reflect our commitment to be Climate, Land and People Positive by 2030. 

 

Non-financial performance and reports

We consider our non-financial metrics to be as important as our financial.