 reported an 11 percent rise in pre-tax profit on Tuesday, after a strong performance from its personal care and life sciences businesses.){kind=link}
Chemicals firm Croda (LON:CRDA) reported an 11 percent rise in pre-tax profit on Tuesday, after a strong performance from its personal care and life sciences businesses.
Sales rose 19.4 percent in the year to the 31st December, hitting to £1,373.1 million, up from £1,243.6 million the previous year. Return on sales rose 20 basis points to 24.2 percent, after a 5.3 percent rise sales at its personal care division. Positive currency translation also provided a boost to the company, alongside strong sales in both performance technology and life sciences.
Steve Foots, Croda’s Chief Executive Officer, said that 2017 was a year of “significant progress”, with record profits and strong organic sales growth.
“All core sectors and major regions contributed to this growth, demonstrating that our strategy continues to deliver and reinforcing that Croda has three strong legs of growth.”
The results come just one day after Croda announced a £10 million deal to buy out UK agricultural bioscience company Plant Impact, which researches and develops crop enhancement chemistry to improve crop yield and quality.
Shares in Croda are currently trading down 0.75 percent at 4,514.00 (1123GMT).