Weak sterling lifts Croda’s full-year profits

Weak sterling lifts Croda’s full-year profits

The UK’s currency woes in the wake of Brexit have been beneficial for specialty chemicals supplier Croda, lifting full-year, pre-tax profits to £288 million, according to a report published by Digital Look.

Sales were up 15 percent to £1.24 billion, including an 11.9 percent uplift from favorable exchange rates. In constant currency terms, sales were up a respectable 3.1 percent.

“Croda has delivered a record profit in 2016. We have grown sales through selective acquisitions and organic growth in premium market niches, driving bottom line performance through high value products and relentless innovation,” commented CEO Steve Foots. “Our innovation pipeline is exciting, with sales of new and protected products increasing for the fourth consecutive year. We continue to expand in higher growth markets, with Asia the stand-out performer and we are growing with regional and smaller consumers.”