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Croda Reports Strong 3Q Financials


EDISON, N.J.—Croda posted its trading statement the quarter ended Sept, 30 2011, reporting strong turnover and profits.

Martin Flower, Chairman of Croda International Plc, said:"I am pleased to report good turnover and profit progress in the third quarter, driven by sales growth and margin improvement in our core businesses."

For the three-months period ended Sept, 30 2011, Group sales from continuing operations increased 5.1 percent to £265.6m (2010: £252.6m).

“In most business areas we saw an improving trend during the quarter," Flower added. “Operating profit from continuing operations increased 18.3 percent to £57.6m (2009: £48.7m). Interest costs fell, resulting in continuing pre-tax profit increasing 20.8 percent to £57.4m (2010: £47.5m). Year-to-date, the pre-tax profit from continuing operations is up 27.1 percent at £182.2m (2010: £143.4m)."

Consumer Care reported a significant increase in sales (+13.6 percent) and operating profit (+30.8 percent) and improved margins versus the corresponding quarter in 2010. Sales and operating profits in all business areas within Consumer Care were well ahead of 2010.

Industrial Specialties turnover declined 3.5 percent. The shortfall was in July, with sales in the rest of the period ahead of 2010. Operating profit was down 6.8 percent with a decrease in commodity and by-product profitability being partially mitigated by stronger performances elsewhere in the sector.

Net debt reduced by £15.5m to £237.8m in the quarter (2010: £240.7m) despite completing the £50m buyback program in the period.

“Croda continues to trade well and we expect to report further progress in the final quarter and into 2012," Flower said.

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