Business
First Quarter Trading Statement
First Quarter Trading Statement.
About this update from Croda International Plc
[{"type":"text","content":"\n \nRNS Number : 5748F Croda International PLC 28 April 2011 \n \n\n28 April 2011\n \n \nCroda International Plc\nFirst quarter trading statement\n \nMartin Flower, Chairman of Croda International Plc, is due to provide the following update on first quarter trading for the period ended 31 March 2011 at today's Annual General Meeting:\n \n\"I am pleased to report a strong start to 2011 with record sales and profits in both Consumer Care and Industrial Specialities with robust demand continuing across all major geographies.\n \nGroup sales increased 13.2% to £277.9m (2010: £245.5m) despite adverse currency translation of 2.4%. Overall volumes were slightly down as we continue to reposition our Industrial Specialities operations away from lower price/higher volume products towards more speciality business. Average prices rose during the quarter as we passed on significant raw material cost increases into the market. We have implemented further price increases where necessary in April.\n \nGroup pre-tax profit from continuing operations increased 40.2% to £60.7m (2010: £43.3m).\n \nOn a segmental basis, Consumer Care operating profit was up 22.2% to £42.4m (2010: £34.7m) with Personal Care, Health Care and Crop Care all seeing significant sales and profit growth.\n \nIndustrial Specialities again achieved extremely robust profit growth of 63.7% to £18.5m (2010: £11.3m) despite the volume decline described above and adverse currency movements. \n \nNet debt reduced by £5.3m since the year-end to £215.1m despite an unfavourable currency movement of £1.5m.\n \nWe are pleased with the performance to date and are confident of reporting further progress throughout 2011.\"\n \n \n \n \nFor further information, please contact:\n \n\n\n\n\nMike Humphrey, Group Chief Executive\n\n\nTel: 01405 860551\n\n\n\n\nSean Christie, Group Finance Director\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHazel Stevenson, Financial Dynamics \n\n\nTel: 0207 269 7176\n\n\n\n\n \n \nThe company will host a conference call for analysts at 8.00am (BST) today:\nDial-In: +44 (0)1452 542 304\nPlease quote \"Croda International\"to gain access to the call\n \n \n\n\n\n\nCroda International Plc\n\n\n\n\nUnaudited income statement before tax and exceptional ite...