26th Apr 2007 12:04
Croda International PLC26 April 2007 26 April 2007 Croda International Plc AGM Trading Statement & Board Appointment Commenting at today's AGM, Martin Flower, Chairman of Croda International Plc,said: "The encouraging trading seen in January has continued through to the end of thefirst quarter. Our unaudited management accounts show revenues and profits arein line with expectations despite significant adverse currency movements versuslast year. Even after exiting some unprofitable business acquired with Uniqema, pro-forma revenues for continuing operations in the enlarged group are up 5.5%on a constant currency basis versus the corresponding period last year (1% downpost a 6.5% adverse currency translation). Pre-tax profits from continuing operations are up by almost 17% in spite of theadverse currency effect in the quarter versus last year. The planned synergygains are developing steadily month by month as we realise the benefits of ourswift and efficient integration of Uniqema. Net debt was £394m at the end of March principally due to one off payments intothe pension fund and the settlement of working capital and cash adjustments withICI relating to the acquisition of Uniqema. As reported in our annual report and accounts, Mike Ward is standing down fromthe Board at the end of today's AGM after six years with Croda. The Boardthanks Mike for his contribution and wishes him well for the future. MikeBuzzacott will be assuming the chairmanship of the Audit Committee. We are pleased to announce the appointment of Stanley Musesengwa as anon-executive director of the Company with effect from 7 May. Stanley iscurrently a director and the Chief Operating Officer of Tate & Lyle PLC. Sincejoining the Tate & Lyle group in 1979, he has held a number of seniorinternational roles including Chief Executive Officer of Tate & Lyle Europe from1999 to 2003. We look forward to welcoming Stanley to the Board and believe hisextensive high level commercial experience will be a great asset to us." There are no further matters to be disclosed under LR9.6.13R of the ListingRules of the UK Listing Authority. Croda International Plc will be announcing its interim results on 25 July 2007. For further information please contact: Croda International Plc Tel: 01405 860551Mike Humphrey, Group Chief ExecutiveSean Christie, Group Finance Director Financial Dynamics Tel: 020 7831 3113Andrew Dowler/Charles Watenphul This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Croda International