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(Sharecast News) - Croda backed its full-year profit guidance on Wednesday despite a decline in first-quarter sales, as it hailed an "encouraging" start to the year for the consumer care business.
In an update for the three months to the end of March, the speciality chemicals company said group sales fell 10% at constant currency versus a strong prior year comparator, to £409m. On a reported basis, sales were down 14%.
Compared with the final quarter of 2023, reported sales rose 8% excluding lipid sales for Covid-19 vaccine applications in the previous quarter, and overall group results were "in line with expectations", it said.
Croda said that for 2024, it continues to expect group adjusted operating margin to be two to three percentage points lower than 2023, and adjusted pre-tax profit of between £260m and £300m.
Chief executive Steve Foots said: "Consumer Care has made an encouraging start to the year with growth across all business units and a significant improvement in North America. Life Sciences continues to experience more challenging market conditions, particularly in Crop Protection.
"Overall, we are on track to meet our previously stated group guidance for the full year. We are focused on executing our strategy, accelerating the conversion of our exciting Pharma pipeline, and investing for the future whilst carefully monitoring costs, with a clear set of priorities that will drive our near-term performance."
