Croda strong first half boosted by North American recovery

Croda strong first half boosted by North American recovery

British chemicals company Croda has reported good first half results, with sales up 16.2 percent across all Core Business sectors, boosted in part by a recovery in the North American market. 

Results for the six months ending 30 June 2017 saw personal care showing encouraging signs of growth, with the sector up 2.3 percent. The company’s Speciality products and North America growth showing improvement, which was complemented by a strong Actives performance . 

Steve Foots, Croda’s Chief Executive Officer, said, “Our strategy delivered a good first half performance with all Core Business sectors growing sales and profit organically, highlighting Croda’s increased breadth across three growth sectors. This was underpinned by growth in premium market niches, continued organic investment and our relentless focus on innovation. It was encouraging to see growth coming from a broad base of both product and geography. Alongside an improved sales trend, we delivered adjusted operating profit growth of over 5% in constant currency and over 15% in reported currency.”

Adjusted profit before tax increased 14.3 percent to £169.7 million while new products reached sales of £200 million. 

Foots continued, “Our priorities for 2017 remain unchanged: to drive profitability through premium, faster growth niches; improve performance in less differentiated markets; and continue to grow margins in Life Sciences and Performance Technologies. We are confident of delivering continued progress through the remainder of 2017.”