Croda announces robust 2012 Q2 results
Sales, volumes and profits higher than Q1
Croda has announced a strong set of interim results with its Q2 sales, volumes and profits coming in higher than Q1, despite fewer European trading days.
In particular, there was an improved performance across all areas of Consumer Care, leading to a return on sales increasing to 31.1%. Similarly, expansion into new, differentiated products in Performance Technologies helped the return on sales grow to 15.7%. In addition, net debt reduced to £208m from £253.3m as recorded in June 2011.
Commenting on the results chairman Martin Flower said: “These are a robust set of results, which have been achieved despite challenging trading conditions in Europe. Against strong 2011 comparatives and adverse currency translation, both core business segments have made further progress. It is particularly pleasing to see Performance Technologies delivering improved margins and continuing to demonstrate the benefits of increased innovation.”
The results follow the acquisition of Italian-based biotechnology company Istituto Di Ricerche Biotechnologiche (IRB) in July for €7.5m. Flower added: “The acquisition of IRB is an important strategic step and follows our commitment to look for leading edge technologies and R&D capabilities that will accelerate growth in our core business.”
