Business
Q1 2010 Trading Statement
Q1 2010 Trading Statement.
About this update from Croda International Plc
[{"type":"text","content":"\n RNS Number : 9062K Croda International PLC 28 April 2010 \n \n\n28 April 2010\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 at today's Annual General Meeting:\n \n\"At the time of our preliminary results in February we reported that the strong trading performance seen in the second half of 2009 had continued into 2010. We are now able to report record quarterly sales and profits in both Consumer Care and Industrial Specialities.\n \nGroup sales increased 14.7% to £264.7m (2009: £230.8m) despite adverse currency translation of 4.1%, with overall volumes increasing 26.0%.\n \nGroup pre-tax profit from continuing operations almost doubled to £42.4m (2009: £21.7m).\n \nOn a segmental basis, Consumer Care operating profit was up 20.6% to £34.6m (2009: £28.7m) despite challenging 2009 comparatives. Underlying sales increased strongly in both Personal Care and Health Care but Crop Care sales were down in line with the market. Overall sales increased to £130.0m, up 1.4% on last year's figure of £128.2m, despite the adverse currency translation.\n \nIndustrial Specialities reversed last year's £2.4m loss to record an operating profit of £10.5m with almost all areas seeing significant revenue and profit increases. Volumes increased dramatically and this is driving the 31% increase in revenues to £134.7m (2009: £102.6m).\n \nAs a consequence of the cash restructuring costs from the closures of both Bromborough and Wilton and adverse currency translation of £5.8m, net debt was little changed from the year end at £292.7m.\n \nThis is a very strong performance across the business and reflects both robust demand for our products globally and the benefits of the cost cutting activity we have undertaken since the acquisition of Uniqema. However, the buoyant trading conditions we have experienced have been seen across the chemical sector, suggesting an element of restocking. Furthermore, prior year comparatives do get tougher in the second half. We also expect to see raw material inflation begin to increase in many areas. \n \nNotwithstanding the above, the robust trading has continued into quarter two and we remain confident of achieving significant progr...