Croda reports 2.3% rise in turnover from continuing operations

Martin Flower, the chairman of Croda, announced that the 2012 calendar year was a major success for the company in terms of its operations. Croda particularly placed an emphasis on the way the company is focusing on sustainable growth, while investing in the Asian and Latin American markets.
Turnover from continuing operations in 2012 rose 2.3% to £1.05 billion (US$1.6 billion), while operating profit grew by 7.4% to £255 million (US$388 million). Much of this came from the company’s Consumer Care and Performance Technologies operations. Underlying sales increased by 4.4% in 2012 with a steadily improving trend from the second quarter onwards.
While the business is growing in size, the weak European automotive market caused a decline in the Lubricant Additives and Coatings & Polymers segments of its business.
Geographically, underlying sales from continuing operations moved forward in all of Croda’s four main regions, with the strongest progress being achieved in the U.S., where sales grew 6% and in Latin America where sales grew by 4%. Sales in Asia increased by 3%, held back by the slowdown in China and Croda’s continued withdrawal from undifferentiated products in both Performance Technologies and Industrial Chemicals businesses. (February 28, 2013)