Business
Results for the six months ended 30 June 2023
Results for the six months ended 30 June 2023.
About this update from Croda International Plc
[{"type":"text","content":"\n\nPress Release\n25 July 2023\n \nResults for the six months ended 30 June 2023\nContinued investment and strategic progress despite a challenging environment\nCroda International Plc (\"Croda\" or the \"Group\") announces its half year results for the six months ended 30 June 2023. \nHighlights\n \n\n\n\n\n\n\nStatutory results (IFRS)\n\n\nAdjusted results\n\n\nPro forma estimates*\n\n\n\n\nHalf year ended 30 June\n\n\n2023\n\n\n2022\n\n\nchange\n\n\n2023\n\n\n2022\n\n\nchange\n\n\n2022\n pro forma\n\n\nPro forma change\n\n\n\n\nSales (£m)\n\n\n880.9\n\n\n1,127.3\n\n\n(21.9)%\n\n\n880.9\n\n\n1,127.3\n\n\n(21.9)%\n\n\n936\n\n\n(6)%\n\n\n\n\nOperating profit (£m)\n\n\n130.2\n\n\n288.6\n\n\n(54.9)%\n\n\n175.8\n\n\n300.4\n\n\n(41.5)%\n\n\n261\n\n\n(33)%\n\n\n\n\nOperating margin (%)\n\n\n \n\n\n\n\n\n\n\n\n20.0\n\n\n26.6\n\n\n(6.6)ppts\n\n\n28\n\n\n(8)ppts\n\n\n\n\nProfit before tax (£m)\n\n\n128.7\n\n\n636.5\n\n\n(79.8)%\n\n\n174.3\n\n\n288.8\n\n\n(39.6)%\n\n\n256\n\n\n(32)%\n\n\n\n\nBasic earnings per share (p)\n\n\n63.1\n\n\n389.6\n\n\n(83.8)%\n\n\n92.9\n\n\n155.2\n\n\n(40.1)%\n\n\n\n\n\n\n\n\n\n\nOrdinary dividend per share (p)\n\n\n47.0\n\n\n47.0\n\n\n0%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFree cash flow (£m)\n\n\n \n\n\n\n\n\n\n\n\n76.4\n\n\n21.1\n\n\n262.1%\n\n\n\n\n\n\n\n\n\n\nNet debt (£m)\n\n\n \n\n\n\n\n\n\n\n\n349.3\n\n\n331.3\n\n\n(5.4)%\n\n\n\n\n\n\n\n\n\nPro forma H122 estimated results* have been adjusted for the divestment of the majority of Performance Technologies and Industrial Specialities\n(PTIC) on 30 June 2022\n \nGroup performance in line with revised June 2023 expectations; full year 2023 guidance reaffirmed\n· Pro forma sales down 6% as customers reduce inventory levels in consumer, crop, and industrial markets\no Flat sales in Consumer Care, against a strong prior period\no Sales up 8% in Life Sciences, excluding $62m prior period Covid-19 lipid sales\no Sales fell 20% in Industrial Specialties, after adjusting for the PTIC divestment in the prior period\n· £128.7m IFRS profit before tax (H122: £636.5m); prior period benefiting from £360.6m divestment profit\n· Adjusted profit before tax £174.3m (H122 pro forma (pf): £256m)\no 20.0% operating margi...