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Croda International PLC said on Monday sales rose in the third quarter while maintaining its full year profit outlook. The Yorkshire-based speciality chemicals firm said third quarter sales rose 5% to £407 million from £387 million a year ago. Its full-year outlook remains unchanged, with the firm eyeing an adjusted pretax profit of between £260 million and £280 million at constant exchange rates. Adjusted pretax profit in 2023 totalled £308.8 million. Croda anticipates a roughly £14 million hit to full-year profit due to currency translation, citing further sterling strengthening in the third quarter. The company noted that sales growth reflects sustained momentum during the quarter in its Fragrances & Flavours division. Reported sales in Consumer Care, Life Sciences, and Industrial Specialties rose by 5%, 3%, and 14%, respectively, compared to the previous year. Chief Executive Officer Steve Foots said: ‘Whilst we are benefitting from more stable customer inventories and demand in key markets and geographies, the overall trading environment remains challenging.’ Croda shares led the FTSE 100 on Monday morning, up 4.9% at 3,779.00 pence. Copyright 2024 Alliance News Ltd. All Rights reserved.
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