Business
Q3 Trading Statement
Q3 Trading Statement.
About this update from Croda International Plc
[{"type":"text","content":"\n RNS Number : 1272V Croda International PLC 28 October 2010 \n \n\n28 October 2010\n \n \nCroda International Plc\n \nThird Quarter Trading Statement\n \nCommenting on trading for the quarter ended 30 September 2010, Martin Flower, Chairman of Croda International Plc, said:\n \n\"I am pleased to report continued strong progress in the third quarter, driven by significant sales growth building on a robust 2009 performance. \n \nFor the three months ended 30 September 2010, Group sales from continuing operations increased 18.6% to £255.3m (2009: £215.2m). Sales volumes increased by 12.1% compared to 2009. More importantly the two year volume trend versus 2008 (which takes out most of the effect of the recession) is showing increasing momentum:\n \n\n\n\n\n\n\n\n2010 v 2009\n\n\n2009 v 2008\n\n\n2 year growth\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nQ1: \n\n\n+30%\n\n\n-28%\n\n\n-6%\n\n\n\n\nQ2:\n\n\n+26%\n\n\n-24%\n\n\n-4%\n\n\n\n\nQ3:\n\n\n+12%\n\n\n-6%\n\n\n+5%\n\n\n\n\n \nQuarter three is normally a quieter trading period than either of the first two quarters. Operating profit from continuing operations increased 47.1% to £48.7m (2009: £33.1m). Interest costs fell, due to lower borrowings, resulting in continuing pre-tax profit increasing 56.8% to £47.5m (2009: £30.3m). \n \nYear-to-date, the pre-tax profit from continuing operations is up 87.6% at £143.7m (2009: £76.6m). \n \nIn quarter three Consumer Care has continued to trade robustly with big increases in sales (+15.4%) and operating profit (+32.5%) and improved margins versus the corresponding quarter in 2009. All business areas were ahead of 2009 with Crop Care delivering a particularly strong performance.\n \nIn Industrial Specialities the third quarter trading improvement versus 2009 is more marked with sales and profits up 22.1% and 89.4% respectively. Again, all business areas were ahead of 2009 in both sales and profits.\n \nThe quarter also saw a significant reduction in net debt with a cash inflow of £32.2m before adverse currency translation of £3.2m, bringing the year-to-date figure to £47.4m with favourable currency translation taking the total net debt reduction to £47.8m for the nine months. At the end of September, net debt stood at £240.7m.\n \nCroda continues to trade strongly and we expe...