27th Apr 2016 06:51
LONDON (Alliance News) - Specialty chemicals company Croda International PLC on Wednesday said sales grew in the first quarter and remains on track to meet expectations for 2016.
The FTSE 250-listed company - which manufactures engine lubricants, plastics, and chemicals for the health and beauty industry - said first quarter sales were up 7.7% year-on-year to GBP306.8 million, helped by the acquisition of the Incotec seed treatment business and favourable currency translation effects from a stronger euro and dollar against sterling.
Underlying sales in Croda's core businesses grew 0.4%, with good margin growth in its Personal Care division, growth in its Life Sciences arm, thanks to a strong crop-care performance, and an improved revenue mix in its Performance Technologies arm.
In all, profit for the first quarter was in line with Croda's expectations, leading it to affirm expectations for the full year 2016.
By Sam Unsted; [email protected]; @SamUAtAlliance
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