25th Jul 2018 08:46
LONDON (Alliance News) - Croda International PLC said Wednesday that strengthening of sterling adversely impacted first half sales and profit, but the company saw good organic sales in its core business across all geographic regions.
The chemicals company added that it remains confident for the full year due to an encouraging momentum in consumer businesses and double digit percentage profit growth in its performance technologies division.
For the six months to June 30, the company recorded pretax profit of GBP170.8 million, up slightly from GBP168.0 million recorded in the year ago period, on revenue of GBP702.8 million and GBP707.3 million, respectively.
The slight increase in pretax profit was attributed to continuation of positive business momentum and volume growth across consumer businesses. Currency movements adversely impacted earnings by 4.6%.
Croda has lifted its interim dividend payment to 38.0 pence per share from 35.0p paid a year ago.
Shares in the company were trading 3.2% lower at 4,784.00p each.
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Croda InternationalCroda Int.6.6pf