Last checked at 27 Oct 2011 07:00
27 October 2011
Croda International Plc
Third Quarter Trading Statement
Commenting on trading for the quarter ended 30 September 2011, Martin Flower, Chairman of Croda International Plc, said:
"I am pleased to report good turnover and profit progress in the third quarter, driven by sales growth and margin improvement in our core businesses.
For the three months ended 30 September 2011, Group sales from continuing operations increased 5.1% to £265.6m (2010: £252.6m). In most business areas we saw an improving trend during the quarter.
Operating profit from continuing operations increased 18.3% to £57.6m (2009: £48.7m). Interest costs fell, resulting in continuing pre-tax profit increasing 20.8% to £57.4m (2010: £47.5m).
Year-to-date, the pre-tax profit from continuing operations is up 27.1% at £182.2m (2010: £143.4m).
Consumer Care continued to trade strongly in the third quarter, reporting a significant increase in sales (+13.6%) and operating profit (+30.8%) and improved margins versus the corresponding quarter in 2010. Sales and operating profits in all business areas within Consumer Care were well ahead of 2010.
Industrial Specialities turnover declined 3.5% against the tough comparatives of a particularly strong third quarter in 2010. The shortfall was in July, with sales in the rest of the period ahead of 2010. Operating profit was down 6.8% with a decrease in commodity and by-product profitability being partially mitigated by stronger performances elsewhere in the sector.
Net debt reduced by £15.5m to £237.8m in the quarter (2010: £240.7m) despite completing the £50m buyback programme in the period.
Croda continues to trade well and we expect to report further progress in the final quarter and into 2012."
For further information please contact:
Mike Humphrey | Group Chief Executive | 01405 860551 |
Sean Christie | Group Finance Director | 01405 860551 |
Charlie Armitstead | FTI Consulting | 020 7269 7176 |
The company will host a conference call for analysts at 8.00am today.
Please dial +44 (0)1452 562 815 and quote "Croda International" to gain access to the call.
Additional Information
£m | Q3 | 9 months | ||||
2011 | 2010 | 2011 | 2010 | |||
Consumer Care | 145.6 | 128.2 | +13.6% | 439.2 | 392.6 | +11.9% |
Industrial Specialities | 120.0 | 124.4 | -3.5% | 386.0 | 371.9 | +3.8% |
Continuing turnover | 265.6 | 252.6 | +5.1% | 825.2 | 764.5 | +7.9% |
Consumer Care | 42.5 | 32.5 | +30.8% | 130.5 | 103.6 | +26.0% |
Industrial Specialities | 15.1 | 16.2 | -6.8% | 52.4 | 45.6 | +14.9% |
Continuing operating profit | 57.6 | 48.7 | +18.3% | 182.9 | 149.2 | +22.6% |
Operating margin
| 21.6%
| 19.3%
|
| 22.2%
| 19.5%
|
|
Interest | (0.2) | (1.2) | (0.7) | (5.8) | ||
Continuing pre tax profit | 57.4 | 47.5 | +20.8% | 182.2 | 143.4 | +27.1% |
Analysis of Q3 turnover uplift | |
Price/mix | +18.4% |
Volume | -14.8% |
Currency translation | +1.5% |
Continuing turnover increase | +5.1% |