25th Apr 2018 09:04
LONDON (Alliance News) - Croda International PLC said Wednesday it has continued its 2017 momentum into the first quarter of 2018.
For the quarter ended March 31, the speciality chemical ingredients company said its Personal Care division was the "standout performer" with 7.6% growth in sales. The Core Business had a 4% constant currency sales increase.
The Life Sciences division had a 4.1% constant currency sales growth - with the Crop Care business growing "strongly".
The overall sales for the company, at constant currency, increased 2.6% in the quarter. Currency translation reduced sales for Croda by 5.3%, with reported currency sales for the company 2.7% lower. Return on sales for the company "increased slightly" in the quarter.
Chief Executive Officer Steve Foots said: "We are focused on our strategy of 'Growing the Core', driving top line growth at industry leading margins to achieve superior returns, and 'Stretching the Growth', accelerating delivery across our markets. I am pleased with the encouraging start to 2018, with momentum in our consumer businesses and continued progress towards our profitability goal in Performance Technologies. We are on track to deliver our expectations for the year."
Shares in Croda opened down 3.7% to 4,450.00 pence each.
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