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Croda International PLC on Friday reported it tripled profit in the first half of 2022 as its consumer care division saw high demand.
Pretax profit in the six months to June 30 surged to £636.5 million from £204.1 million a year ago. Sales grew by 21% to £1.13 billion from £934.0 million.
‘Consumer Care was the stand-out performer,’ the Yorkshire, England-based chemicals maker explained, adding that profit performance was strong across all sectors. Interim sales in the Consumer Care division grew by 24% to £454.9 million from £367.0 million the prior year. Adjusted profit in the division rose 34% to £121.1 million from £90.4 million.
Croda declared a 47.0 pence interim dividend per share, up 8% from 43.5p.
The firm expects full-year adjusted profit that is ‘modestly ahead of previous expectations.’
It cautioned, however: ‘Growth in the second half year is expected to moderate in consumer markets, together with lower sales in lipid systems on reduced Covid vaccine demand, with full year total lipid sales now expected to be $150 million, compared with $230 million in 2021.’
It added: ‘Growth beyond 2022 is further supported by a strong innovation pipeline, notably in non-Covid Health Care applications, and our targeted capital investment programme.’
Croda shares were 2.2% higher at 7,292.00 pence each in London on Friday morning.
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