Home » Croda International share price: Third Quarter Hit By Sterling

Croda International share price: Third Quarter Hit By Sterling

Alliance News
  • November 7th, 07:43
  • Last Updated: October 10th, 12:27


**Croda International Says Third Quarter Hit By Sterling**
LONDON (Alliance News) – Croda International PLC (LON:CRDA) on Friday said its pretax profit and revenue in the third quarter was hit hard by the strength of sterling, despite a rise in underlying sales for the business.

The FTSE 250-listed specialty chemicals company said its pretax profit for the period was broadly flat on a constant currency basis, but was down to GBP55.1 million from GBP58.7 million on a reported basis. Operating profit was hit by currency translation to the tune of GBP3.5 million, with an estimated GBP2 million currency transaction cost in the quarter pushing operating profit down 6.4% to GBP58.1 million from GBP62.1 million last year.

Group sales rose 4% in the period, on the back of solid performances in its Consumer Care and Performance Technologies arms. But reported revenue in the period was down 3.3% to GBP259 million, from GBP267.9 million last year, as currency translation caused a 7.3% impact to its sales figures.
“This is an encouraging performance given the improved underlying sales trends across our eight core markets. Whilst market conditions are challenging and the fourth quarter is always the smallest in terms of sales, we remain confident that Croda will continue to make further progress,” said Croda Chairman Martin Flower.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.

Terms of Use

About the author

Leave a Reply

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.