Croda reports significant pre-tax profit
Demand from developing countries drives sales
The third quarter pre-tax profit for ingredients manufacturer Croda increased 56.8% to £47.5m from £30.3m in the same time period in 2009. In the year to date, pre-tax profit from continuing operations was up 87.6% to £143.7m in comparison to 2009’s result of £76.6m.
Sales during the quarter rose 18.6% to £255.3m and volume grew 12.1%. Croda, winners of the Estée Lauder Supplier Excellence Award, believes that an increase in demand for personal care products in developing countries is the reason behind the rise in sales. The company provides clients, who include L’Oréal, Boots and Chanel, with speciality chemical ingredients ranging from cosmetic oils to plant extracts.
Martin Flower, chairman of Croda International Plc, said: “I am pleased to report continued strong progress in the third quarter, driven by significant sales growth building on a robust 2009 performance. Croda continues to trade strongly and we expect to report further year on year progress in the final quarter of 2010 and into 2011.”
