The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Below 1600p seems very good value, given the half year results
:-)
Croda International posts 30% profit hike Thu, 28th Jul 2011 07:18 Speciality chemicals group Croda International posted a 30% surge in half year profit, bolstered its dividend and expects to make further progress through the remainder of the year. Consumer Care and Industrial Specialities underpinned the robust profit and sales growth, Croda said. The results were also boosted after it passed on higher costs of raw materials to customers. Pre-tax profit from continuing operations jumped to £124.8m for the six months to 30 June 2011 £95.9m before. Sales for the period rose to £559.6m from £511.9m. Lubricant Additives and Coatings and Polymers also experienced very strong sales growth. Chairman Martin Flower said, "The second half of the year has started well and we expect to make further progress compared with 2010 through the remainder of the year." The group also announced a new dividend policy with the annual pay-out increasing to between 40% and 50% of earnings. The interim dividend has been increased to 24.75p, up 153.8% on last year's interim payment reflecting robust first half trading and its new dividend policy. Looking ahead the Croda added, "Our innovation pipeline remains robust which, together with increased investment to satisfy demand for our products and support entry into new markets, will ensure Croda's continued strong organic growth." Croda announced chief executive Mike Humphrey will retire at the end of the year and will remain involved with the business as Senior Adviser. Steve Foots, president of Croda Europe, will become chief executive on 1 January 2012.
JP Morgan reiterates neutral on Croda International, target price raised from 1900p to 1950p.
Croda International Plc First quarter trading statement 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."
http://www.investegate.co.uk/Article.aspx?id=201104280700135748F
The prospect of Victrex becoming a bid target was highlighted yesterday as positive broker comments helped the high-tech plastics company to surge up the mid-tier index. The Lancashire-based group was driven forwards 45p to 1,395p, with traders pointing to the decision by Goldman Sachs to name it as the broker's "top pick" in the mid-cap chemicals sector. Initiating coverage on Victrex with a "buy" recommendation and a target price of 1,830p, Goldman described it as an "attractive acquisition" target because of its "unique technology and customer relationships". Recommending the group toinvestors, the broker's analysts said it "presents an excellent opportunity to buy a consistently high-returning company", and they also praised its peers Croda and AZ Electronics, saying that all three "produce specialised products and operate in niche, high-growth markets with barriers to entry". The former put on 16p to 1,694p after the analysts said it was another company likely "to be the subject of merger and acquisition speculation", but AZ edged back 0.3p to 275.6p despite keeping its "buy" rating
Chemical group Croda International (CRDA) posted increased profits for the year ended 31st December 2010, boosted by strong demand for consumer and industrial products as well as lowered borrowing costs. The group, which makes chemicals for cosmetics, healthcare and home care industries, reported pre-tax profits of 192.3 million pounds in the 12-months, up from 90.8 million pounds a year earlier, on revenue 21.1% greater at 1 billion pounds. Additionally, the firm also revealed that it expected to buy back shares worth about 50 million pounds. Croda shares climbed 143.5p to 1,637.5p.
Now those are impressive results
the global recovery helped speciality chemicals group Croda International more than double pre-tax profits in the year to 31 December, sparking a strong reaction from the shares today. Pre-tax profits jumped to £192m from £91m the previous year on revenues that rose to £1bn from £828m.
http://www.shareworld.co.uk/index.php/forum/forum/topic/13/173/1/190/
CRDA - well run company; good last figures; right sector with improving demand for speciality chemicals ..... Well I am buying even if non of you follow!