Croda International PLC
01 November 2007
1 November 2007
Croda International Plc
Third Quarter Trading Statement
Commenting on the results for the nine months to 30 September 2007, Martin
Flower, Chairman said:
'Mix improvements and price increases resulted in underlying1 sales up 2% on a
constant currency basis despite continuing to shed low margin business following
the acquisition of Uniqema in September 2006. Adverse currency movements left
underlying1 sales down 3%.
Our unaudited management accounts show continuing pre-tax profit up 20% after
excluding £5.7m operating profit (2006: £1.1m) from the discontinued businesses
(Croda Food Services, Refrigeration Lubricants and our Malaysian operations in
Klang).
Net debt at the end of the quarter was £415m and does not include the proceeds
from the £62m sale of the Refrigeration Lubricants business which will complete
today.
Many raw material prices are at all time highs but selling price increases have
been and will continue to be implemented. Our restructuring and re-positioning
strategies are on track, delivering the expected contribution to Group results.'
Croda International Plc will be announcing its preliminary results for 2007 on
19 February 2008.
1 Underlying sales include pro-forma Uniqema revenues for 2006, but exclude
discontinued businesses.
For further information please contact:
Mike Humphrey, Group Chief Executive 01405 860551
Sean Christie, Group Finance Director 01405 860551
Charlie Armitstead, Financial Dynamics 020 7831 3113
This information is provided by RNS
The company news service from the London Stock Exchange XFFE
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