Croda International (LON:CRDA) has updated investors on its half-year performance this morning.
**Highlights from the company statement:**
· Sales up 16.2% driven by continued organic growth across all Core Business sectors, together with positive currency translation
· Margin performance maintained, with return on sales of 24.9%
· Adjusted profit before tax up 14.3% at £169.7m, reflecting profit growth across the Core Business
· Relentless focus on innovation, with sales of New and Protected Products (NPP) increasing to almost £200m
· Continued cash generation supporting peak organic investment, and strong balance sheet. Free cash flow of over £40m, leverage ratio of 1.0x and 6.9% increase in interim dividend
· Full year outlook affirmed.
Steve Foots, Croda’s Chief Executive Officer, commented:
“Our strategy delivered a good first half performance with all Core Business sectors growing sales and profit organically, highlighting Croda’s increased breadth across three growth sectors. This was underpinned by growth in premium market niches, continued organic investment and our relentless focus on innovation. It was encouraging to see growth coming from a broad base of both product and geography. Alongside an improved sales trend, we delivered adjusted operating profit growth of over 5% in constant currency and over 15% in reported currency.
“Our priorities for 2017 remain unchanged: to drive profitability through premium, faster growth niches; improve performance in less differentiated markets; and continue to grow margins in Life Sciences and Performance Technologies. We are confident of delivering continued progress through the remainder of 2017.”
As of 07:11 BST, Tuesday, 25 July, Croda International Plc share price is 3,825.00p.
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