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Croda posts record profit amid strong performance across regions and sectors
Speciality chemical company Croda International reported a record full-year profit on Tuesday as sales grew thanks to a strong performance across sectors and regions.
In the year to the end of December 2017, adjusted pre-tax profit was up 11.1% to a record £320.3m on sales of £1.4bn, up 10.4% on 2016 and driven by an ongoing focus on premium, faster growth niches in personal care, life sciences and performance technologies, together with positive currency translation as 95% of the company's sales are outside the UK.
IFRS pre-tax profit increased 14% to £314.1m and adjusted basic earnings per share were up 15% to 179p.
In the personal care division, sales were up 11% to £466.6m, while sales in the life sciences business rose 10.4% to £322.6m and sales in performance technologies increased 12.6% to £456.9m. In the core business, sales pushed up 11.4% to £1.2bn and industrial chemicals sales were 1.4% higher at £127m.
Chief executive officer Steve Foots said: "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. Our focus on premium, faster growing market niches and high quality technologies delivered consistent top and bottom line 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 programmes; in manufacturing, through improved operating capabilities; and in our people. We are confident of delivering continued progress in 2018."