Croda celebrates record profit for FY2017

Croda celebrates record profit for FY2017

Croda has reported a record pre-tax profit of £314.1 million for fiscal 2017, up 13.9 percent on 2016’s results.

Sales were also strong, growing 10.4 percent over the year to £1,373.1 million, driven by ongoing focus on premium, faster growth niches in personal care, life sciences and performance technologies, said the UK-based specialty chemicals supplier. The personal care division delivered sales growth of 5.3 percent over 2017, thanks to an increase of 8.2 percent in the second half. The company revealed that its Beauty Formulations sector returned to growth while sales of Beauty Effects improved and Beauty Actives continued its fast momentum.

“2017 was a year of significant progress, with record profits and strong organic sales growth. All core sectors and major regions contributed to this growth, demonstrating that our strategy continues to deliver and reinforcing that Croda has three strong legs of growth,” said Steve Foots, Croda’s Chief Executive Officer. “Our focus on premium, faster growing market niches and high quality technologies delivered consistent top and bottom line growth. Innovation continued at record levels, with sales of New and Protected Products increasing for the fifth consecutive year. We continued to invest in fast growth technologies and expanded our successful Open Innovation programme, initiatives that will drive future growth.

“We have entered 2018 with momentum and a platform on which to deliver long-term growth. In the year ahead, we will continue to invest in fast growth technologies, both organically and by acquisition; in R&D, through our successful Open Innovation and Smart Partnering programs; in manufacturing, through improved operating capabilities; and in our people. We are confident of delivering continued progress in 2018.”