Sign In
Last checked at 
25 Apr 2013 07:00
25 April 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.
Follow the stocks
