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Trading statements

Croda reaffirms FY outlook

03 November 2016 07:37

Croda International has reaffirmed its full-year outlook after continued profitable growth in the third quarter.

Constant currency sales increased by 2.5% in the quarter and by 2.4% in the year to date.

It says innovation continues to enhance the product portfolio, with New and Protected Products ('NPP') accounting for 27.6% of year to date sales (2015: 26.4%). The quarter also benefited from Incotec, the seed enhancement business acquired in December 2015.

Third quarter sales continued broadly in line with first half year trends and profit was in line with our expectations. Sales rose by 20.1% to £315.3 million (Q3 2015: £262.5m).

With over 95% of sales outside the UK, this largely reflected favourable currency translation, with the impact of weaker sterling increasing sales by 17.6%. Year to date sales increased by 11.7% to £924.0m (2015: £827.1 million), with a favourable currency translation impact of 9.3%. Underlying sales in the core business slowed slightly versus the second quarter, down 2.5% in the third quarter and 1.2% lower year to date, predominantly due to the adverse impact of lower pricing for its generic Omega 3 API.

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