Croda's pre-tax profits rise 40.2% in the first quarter

Croda International, based in Goole, East Yorkshire, U.K., posted sales of £277.9 million (US$452.3 million) in the first quarter, up 13.2% from the same period a year ago. The company’s financial results beat analyst estimates, after the company passed on raw material price increases to its customers. Mike Humphreys, Croda chief executive, said he is focusing the company’s industrial unit on lubricant additives and higher–margin products. It was a record quarter in terms of sales for Croda. Operating profits in consumer care rose 22.2% to £42.4 million (US$69.0 million) while its industrial unit’s profits rose 63.7% to £18.5 million (US$30.1 million). “I am pleased to report a strong start to 2011 with record sales and profits in both Consumer Care and Industrial Specialities, with robust demand continuing across all major geographies,” said Martin Flower, chairman. Croda shares climbed 108% to £18.81 (US$30.6), having gained more than 12% this year. (April 29, 2011)