Croda International reports third-quarter 5% sales growth

Croda International PLC announced on Monday that sales increased in the third quarter while maintaining its full-year profit forecast.

Croda International reports third-quarter 5% sales growth

The Yorkshire-based specialty chemicals company reported a 5% rise in third-quarter sales, reaching £407 million, compared to £387 million a year earlier. Its full-year outlook remains unchanged, with the company targeting an adjusted pretax profit between £260 million and £280 million at constant exchange rates. Adjusted pretax profit for 2023 was £308.8 million. Croda expects a potential £14 million negative impact on full-year profit due to currency translation, citing further strengthening of the pound in the third quarter.

Sales growth driven by continued momentum in F&F unit

The company highlighted that the sales growth was driven by continued momentum in its Fragrances & Flavours division. Sales in Consumer Care, Life Sciences, and Industrial Specialties grew by 5%, 3%, and 14%, respectively, compared to the previous year. CEO Steve Foots commented, "While we are benefiting from more stable customer inventories and demand in key markets and regions, the overall trading environment remains challenging."