21st Jul 2015 06:16
LONDON (Alliance News) - Specialty chemicals company Croda International PLC on Tuesday said its pretax profit rose in the first half of 2015 on the back of better revenue across its operations, prompting it to hike its interim payout.
The FTSE 250-listed company, which makes surfactants used in ingredients for cosmetic creams and lotions and for dietary supplements such as Omega-3 oils, said its pretax profit for the six months to June 30 was GBP135.6 million, up from GBP125.1 million a year earlier.
Revenue for the group was up to GBP564.6 million from GBP537.4 million, boosted by strong growth in its personal care and life sciences business and a recovery in sales in its performance technologies arm. Croda said it saw growth in all regions in the first half and said revenue in the second quarter was ahead of the first three months.
Croda said it will pay an interim dividend of 31.0 pence per share, up from 29.5 pence per share a year earlier.
"Croda's performance in the first half of 2015 has been encouraging. The recovery in underlying sales trends, which began in the second half of last year, has continued to strengthen, operating margin has remained strong and pre-tax profit has increased over 8%. This progress has been underpinned by record sales of new and protected products," said Croda Chairman Martin Flower.
"We expect to continue to deliver growth through the second half of the year, albeit against a stronger comparator period. Whilst conditions remain uncertain in Europe, we are encouraged by recent growth. Overall, we remain on track to deliver our expectations for the full year and to generate strong returns for shareholders.
By Sam Unsted; [email protected]; @SamUAtAlliance
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