News Croda sees annual profits soar
A strong set of interim figures released last week from Goole-based chemicals company Croda International have shown that its £410 million acquisition of ICI's Uniqema has paid off.
The company bought Uniqema last summer, a move that was anticipated to be major and indeed has been the case after last week's interim figures showed that Croda's turnover has soared from £156.6m to £472m.
Other highlights of the report show that the company's pension deficit has been reduced to £56.6m from £140.5m and the interim dividend has increased by 6.5 per cent to 4.95 pence per share.
Croda, based at Cowick Hall, produces chemicals made from natural oils and fats for consumer care products, such as cosmetics and skincare products for L'Oreal, Estee Lauder and Chanel.
The company is constantly developing new products and has market expectations of full-year taxable profits of £66m.
"The Group has performed well across all areas of the business, despite the widely documented cost pressures facing the sector at present," said chairman Martin Flower.
"Uniqema has been successfully integrated and we remain confident that the Group will make further progress in the second half of this year."
Published on 2nd August 2007 in News.
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