Sign In
Last checked at 
28 Apr 2011 07:00
28 April 2011
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."
For further information, please contact:
Mike Humphrey, Group Chief Executive | Tel: 01405 860551 |
Sean Christie, Group Finance Director | |
Hazel Stevenson, Financial Dynamics | Tel: 0207 269 7176 |
The company will host a conference call for analysts at 8.00am (BST) today:
Dial-In: +44 (0)1452 542 304
Please quote "Croda International"to gain access to the call
Croda International Plc | ||||
Unaudited income statement before tax and exceptional items | ||||
31 March 2011 | ||||
£m | ||||
3 months to | 3 months to | |||
31 March | 31 March | |||
2011 | 2010 | Change | ||
Consumer Care | 146.3 | 128.1 | +14.2% | |
Industrial Specialities | 131.6 | 117.4 | +12.1% | |
Revenues from continuing operations | 277.9 | 245.5 | +13.2% | |
Consumer Care | 42.4 | 34.7 | +22.2% | |
Industrial Specialities | 18.5 | 11.3 | +63.7% | |
Operating profit from continuing operations | 60.9 | 46.0 | +32.4% | |
Net bank and loan interest payable | (2.0) | (2.8) | ||
Net retirement benefit scheme financing | 1.8 | 0.1 | ||
Profit before tax from continuing operations | 60.7 | 43.3 | +40.2% | |
Operating margin | 21.9% | 18.7% | ||
Analysis of turnover uplift for continuing operations | ||||
Volume | -0.5% | |||
Currency impact | -2.4% | |||
Price/mix | +16.1% | |||
+13.2% | ||||
Follow the stocks
