Interim Results

RNS Number : 0626A

Croda International PLC

29 July 2008

 



Croda International Plc

Interim Results for the Six Months to 30 June 2008

STRONG GROWTH CONTINUES

Highlights H1 2008 H1 2007* change Sales - continuing operations £488.7m £402.9m +21.3% Profit before tax and exceptionals   -Continuing £52.9m £27.8m +90.3%   -Including discontinued activities £57.6m £35.1m +64.1% Earnings per share before exceptionals    -Continuing 26.2p 12.9p +103.1%   -Including discontinued activities 28.4p 16.9p   +68.0% Dividend per share   6.20p 4.95p  +25.3%

* Restated for disposals 

• Strong underlying global demand in our chosen markets

• Both Consumer Care and Industrial Specialities experienced significant sales, profit and margin gains 

• Cost inflation continues to be fully recovered negating the impact of increased raw material prices 

• The Uniqema acquisition remains on track to deliver synergies of £30m. In addition, further benefits are being realised due to a renewed focus on the sale of Uniqema products 

• More disposals of non-core businesses have further reduced net debt to £341.6m 

Commenting on the results, Chairman, Martin Flower said:

'This impressive performance is a continuation of what we achieved in the first quarter, with underlying sales momentum and margins in both Consumer Care and Industrial Specialities increasing. Favourable currency movements, a one off spike in glycerine prices and even more benefit coming through from the Uniqema transaction provided a further boost to the result.

This was an excellent first half and, whilst recognising inflation and global economic trends, we are confident of making further progress in the rest of the year'.

For further information, please contact:

Mike Humphrey, Group Chief Executive            Tel: [phone]

Sean Christie, Group Finance Director

Charlie Armitstead, Financial Dynamics            Tel: [phone]

The company will broadcast the meeting with analysts live in a webcast commencing at 09:30 AM on the company's website at www.croda.com.

Chairman's Statement

Interim results 

Continuing turnover increased 21.3% to £488.7m (2007: £402.9m) with favourable currency contributing 8.2% to the result. Volumes during the second quarter were steady despite continuing rationalisation of commodity products from the former Uniqema portfolio. Overall first half volumes were down just 4.2%. 

Continuing operating profit increased 56.5% to £61.5m (2007: £39.3m).

Strong demand, efficiency benefits and further synergies coming through from Uniqema, meant that pre-tax profit from continuing operations increased 90.3% to £52.9m (2007: £27.8m) in the six months to 30 June 2008. 

Earnings per share before exceptionals increased by 68.0% to 28.4p (2007: 16.9p) despite the dilution from disposals. 

Net debt reduced to £341.6m as a result of the very strong free cash flow and business disposals, with working capital inflation and capital investment higher than depreciation off-setting some of the benefit.

Quarter two results 

Continuing turnover increased 28.8% to £249.1m in the second quarter (2007: £193.4m). Continuing operating profit increased 62.9% to £31.6m (2007: £19.4m), with pre-tax profit doubling to £27.2m (2007: £13.6m).  

Dividend 

As a result of the strong underlying trading, the Board proposes to increase the interim dividend by 25.3% to 6.20p (2007: 4.95p).

Glycerine 

The first half results were also influenced by increased glycerine prices which contributed an additional £4.9m to Group profits in the period. As anticipated at the time of the 2007 results announcement, glycerine prices have fallen since June and there will be negligible benefit in the second half of this year and the first half of 2009. 

Divisional performance 

On a divisional basis, both Consumer Care and Industrial Specialities saw increases in sales, profits and margins as we continued to see robust demand for our products around the world. Significant input cost inflation in both raw materials and utilities was fully passed on in the marketplace via average selling prices increasing 17.3%.

Consumer Care saw a 22.2% rise in sales to £215.9m (2007: £176.7m) with a corresponding increase in operating profit. Second quarter sales were up 28.4% to £109.0m (2007: £84.9m). Our global sales force is now selling the full range of Uniqema products, taking them into better marketplaces under the Croda brand and this is proving a very powerful combination.

Industrial Specialities turnover increased to £272.8m (2007: £226.2m). Quarter two sales were up 29.1% to £140.1m (2007: £108.5m). Operating profit benefited from the continuing repositioning of products into better markets, and the removal of unprofitable activities. Also, most of the glycerine windfall was in this division. As a result, operating margins increased significantly from 1.6% in 2007 to 6.3% in the first half this year. This resulted in an increase in the operating profit from £3.6m to £17.2m.

Disposals 

We disposed of our associate, Baxenden Chemicals in February 2008 to Chemtura for £13.0m and our Chicago Oleochemical business was sold to HIG Capital in May 2008 for £45.1m.

Outlook

This was an excellent first half and whilst recognising inflation and global economic trends, we are confident of making further progress in the rest of the year.

Martin Flower

Chairman

Statement of directors' responsibilities

The directors' confirm that this condensed set of financial statements has been prepared in accordance with IAS 34 as adopted by the European Union, and that the interim management report herein includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8.

The directors of Croda International Plc are listed in the Group's financial statements for the year ended 31 December 2007. A list of current directors is maintained on the Croda website: www.croda.com.

By order of the Board

Mike Humphrey

Group Chief Executive

Sean Christie

Group Finance Director

Group independent auditor's report on review of condensed consolidated half-yearly financial information to Croda International Plc

Introduction

We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2008, which comprises the Group income statement, Group statement of recognised income and expense, Group balance sheet, Group cash flow statement and related notes.

We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

As disclosed in note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting' as adopted by the European Union.

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review. This report, including the conclusion, has been prepared for and only for the company for the purpose of the Disclosure and Transparency Rules of the Financial Services Authority and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of interim financial information performed by the independent auditor of the entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2008 is not prepared, in all material respects, in accordance with IAS 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

PricewaterhouseCoopers LLP

Chartered Accountants

Leeds

28 July 2008

Condensed Group income statement
			2008		2007		2007	2007	2007
			First		First		Full	Full	Full
Unaudited £m		Note	half		half*		year*	year	year*
							Before   exceptional	Exceptional items	Total
							items
Continuing operations
Revenue		2	488.7		402.9		804.8	-	804.8
Cost of sales			(369.8)		(313.0)		(617.9)	(7.0)	(624.9)
Gross profit			118.9		89.9		186.9	(7.0)	179.9
Operating expenses			(57.4)		(50.6)		(103.9)	1.4	(102.5)
Operating profit		2	61.5		39.3		83.0	(5.6)	77.4
Financial expenses		3	(12.3)		(14.5)		(31.1)	-	(31.1)
Financial income		3	3.7		3.0		8.9	-	8.9
Profit before tax			52.9		27.8		60.8	(5.6)	55.2
Tax			(17.6)		(10.3)		(20.6)	1.9	(18.7)
Profit after tax from continuing operations			35.3		17.5		40.2	(3.7)	36.5
Discontinued operations
Non-exceptional profit after tax			2.9		5.3		9.9	-	9.9
Exceptional (loss)/profit after tax			(9.0)		2.2		-	41.0	41.0
		5	(6.1)		7.5		9.9	41.0	50.9
Profit for the period			29.2		25.0		50.1	37.3	87.4
Attributable to
Minority interest			0.1		0.1				0.1
Equity shareholders			29.1		24.9				87.3
			29.2		25.0				87.4
			pence per		pence per		pence per		pence per
			share		share*		share*		share*
Earnings per share of 10p
Basic
Total			21.7		18.5		37.1		64.7
Continuing operations			26.2		12.9		29.7		27.0
Diluted
Total			21.3		18.3		36.4		63.6
Continuing operations			25.8		12.8		29.2		26.5
Ordinary dividends
Interim			6.20		4.95				4.95
Final									10.80

*Restated for disposals

Condensed Group statement of recognised income and expense
			2008		2007		2007
			First		First		Full
Unaudited £m			half		half		year
Profit attributable to equity shareholders			29.1		24.9		87.3
Exchange differences			4.5		(0.1)		6.6
Movement in fair value of cash flow hedges			1.2		2.0		(0.4)
Actuarial movement on retirement benefit liabilities (net of deferred tax)			(18.1)		38.3		21.0
Total recognised income attributable to equity shareholders			16.7		65.1		114.5

Condensed Group balance sheet
		At		At		At
		30 June		30 June		31 December
Unaudited £m	Note	2008		2007		2007
Assets
Non-current assets
Intangible assets		202.9		189.6		203.5
Property, plant and equipment	6	324.5		328.2		342.2
Investments		7.7		10.8		10.1
Deferred tax assets		52.0		33.9		43.1
		587.1		562.5		598.9
Current assets
Inventories		174.9		150.3		161.4
Trade and other receivables		214.7		202.4		186.4
Cash and cash equivalents		42.1		51.2		43.4
Other financial assets	7	1.6		2.8		0.4
Assets classified as held for sale		1.2		1.2		1.2
		434.5		407.9		392.8
Liabilities
Current liabilities
Trade and other payables		(214.0)		(189.8)		(175.5)
Borrowings and other financial liabilities	7	(107.5)		(115.5)		(83.5)
Provisions		(10.1)		(17.4)		(14.2)
Current tax liabilities		(25.3)		(2.4)		(11.5)
		(356.9)		(325.1)		(284.7)
Net current assets		77.6		82.8		108.1
Non-current liabilities
Borrowings and other financial liabilities		(276.2)		(329.9)		(325.9)
Other payables		(3.3)		(1.8)		(3.3)
Retirement benefit liabilities		(80.4)		(56.6)		(59.3)
Provisions		(38.3)		(23.5)		(45.0)
Deferred tax liabilities		(43.2)		(52.8)		(53.8)
		(441.4)		(464.6)		(487.3)
Net assets		223.3		180.7		219.7
Shareholders' equity	8	221.7		178.9		218.0
Minority interest in equity		1.6		1.8		1.7
Total equity		223.3		180.7		219.7

Condensed Group cashflow statement
			2008		2007		2007
			First		First		Full
Unaudited £m		Note	half		half		year
Cash flows from operating activities
Continuing operations
Operating profit			61.5		39.3		77.4
Adjustments for:
	Depreciation and loss on disposal of fixed assets		15.0		13.8		28.6
	Changes in working capital		(15.2)		(38.9)		(59.1)
	Pension fund contributions in excess of service cost		(4.7)		(29.6)		(70.0)
	Share based payments		1.3		0.5		1.1
	Movement on provisions		(10.9)		(8.0)		(11.5)
Cash generated/(used) in continuing operations			47.0		(22.9)		(33.5)
Discontinued operations			1.3		12.8		18.3
Interest paid			(13.1)		(10.3)		(26.8)
Tax paid			(15.6)		(6.9)		(14.2)
Net cash generated/(used) in operating activities			19.6		(27.3)		(56.2)
Cash flows from investing activities
Acquisition of subsidiaries			(1.8)		(18.9)		7.7
Purchases of property, plant and equipment			(23.3)		(16.0)		(37.5)
Purchase of computer software			-		-		(0.6)
Proceeds from sale of property, plant and equipment			0.1		0.1		0.2
Proceeds from sale of businesses (net of costs)			49.9		7.9		75.7
Cash paid against non-operating provisions			-		(0.6)		(0.6)
Interest received			1.2		0.6		3.1
Net cash generated/(used) in investing activities			26.1		(26.9)		48.0
Cash flows from financing activities
Additional borrowings			-		83.7		66.6
Repayment of borrowings			(29.4)		(9.3)		(63.9)
Net transactions in own shares			0.2		1.6		(2.4)
Dividends paid		4	(14.7)		(13.2)		(20.0)
Other			-		(0.8)		(0.1)
Net cash (used)/generated in financing activities			(43.9)		62.0		(19.8)
Net movement in cash and cash equivalents			1.8		7.8		(28.0)
Cash and cash equivalents brought forward			1.2		28.0		28.0
Exchange differences			(1.4)		(1.0)		1.2
Cash and cash equivalents carried forward			1.6		34.8		1.2
Cash and cash equivalents carried forward comprise
Cash at bank and in hand			42.1		51.2		43.4
Bank overdrafts			(40.5)		(16.4)		(42.2)
			1.6		34.8		1.2
A reconciliation of the cash flows above to the movement in net debt is shown at note 9.

	Notes to the interim report
1	a) General information
	The Company is a public limited company (Plc) incorporated and domiciled in the UK. The Company is listed on the London Stock Exchange. This condensed consolidated interim report was approved for issue on 28 July 2008.
	The financial information included in this interim financial report for the six months ended 30 June 2008 does not constitute statutory accounts as defined in section 240 of the Companies Act 1985 and is unaudited. The comparative information for the six months ended 30 June 2007 is also unaudited. The comparative figures for the year ended 31 December 2007 have been extracted from the Group's financial statements, restated, where necessary, for discontinued operations, as filed with the Registrar of Companies, on which the auditors gave an unqualified opinion and did not make a statement under section 237 of the Companies Act 1985.
	b) Basis of preparation
	This interim financial report has been prepared in accordance with the Disclosure and Transparency Rules of the FSA and IAS 34 'Interim financial reporting' (as adopted by the EU). The report should be read in conjunction with the Group's financial statements for the year ended 31 December 2007, which were prepared in accordance with IFRSs as adopted by the EU.
	c) Accounting policies
	The accounting policies adopted in preparing this report are consistent with those used in the Group's financial statements for the year ended 31 December 2007 as described in those statements. The following new standards, amendments to existing standards or interpretations are mandatory for the first time for the year ending 31 December 2008 - IFRIC 11, IFRIC 12, IFRIC 13, IFRIC 14. The impact of each of these interpretations on the Group's financial statements is discussed in the financial statements for the year ended 31 December 2007. As forecast in that report, the adoption of IFRIC 11 and 14 has had no impact on the Group accounts. As further noted in the latest annual report, two standards issued but not yet effective, IFRS 8 (Operating segments) and IAS 23 (Amendment) (Borrowing costs) will be applied in 2009. Neither standard is expected to materially impact the Group accounts.
2	Segmental Information
	Primary reporting format - business segments
	At 30 June 2008 the Group is organised on a worldwide basis into two main business segments, relating to the manufacture and sale of the Group's products which are destined for either the Consumer Care market or the market for Industrial Specialities.
					2008		2007		2007
					First		First		Full
					half		half		year
					£m		£m		£m
	Revenue - continuing operations
	Consumer Care				215.9		176.7		345.6
	Industrial Specialities				272.8		226.2		459.2
					488.7		402.9		804.8
	Operating profit - continuing operations
	Consumer Care				44.3		35.7		74.1
	Industrial Specialities				17.2		3.6		8.9
					61.5		39.3		83.0
	There is no material trade between segments. All operating costs of the Group are allocated between the segments.
	Secondary reporting format - geographical segments
	The sales analysis in the table below is based on the location of the customer.
					2008		2007		2007
					First		First		Full
					half		half		year
					£m		£m		£m
	Revenue by destination - continuing operations
	Europe				265.9		211.1		419.2
	Americas				132.0		114.9		227.7
	Asia				67.0		56.1		116.5
	Rest of World				23.8		20.8		41.4
					488.7		402.9		804.8
3	Net financial expenses				2008		2007		2007
					First		First		Full
					half		half		year
					£m		£m		£m
	Financial expenses
	Bank interest payable				12.3		14.5		31.1
					12.3		14.5		31.1
	Financial income
	Bank interest receivable				(0.4)		(0.6)		(3.9)
	Expected return on pension scheme assets less interest on scheme liabilities				(3.3)		(2.4)		(5.0)
					(3.7)		(3.0)		(8.9)
	Net financial expenses				8.6		11.5		22.2
4	Dividends paid		Pence
			per share
	Ordinary
	2006 Final - paid June 2007		9.65		-		13.0		13.0
	2007 Interim - paid October 2007		4.95		-		-		6.7
	2007 Final - paid June 2008		10.80		14.5		-		-
					14.5		13.0		19.7
	Preference (paid June and December)				-		-		0.1
	Dividends paid to minority shareholders				0.2		0.2		0.2
					14.7		13.2		20.0
	An interim dividend in respect of 2008 of 6.20p per share, amounting to a total dividend of £8.3m, was declared by the directors at their meeting on 28 July 2008. This interim report does not reflect the 2008 interim dividend payable. The dividend will be paid on 3 October 2008 to shareholders registered on 5 September 2008.

5	Discontinued operations
	In February 2008, continuing the Group's strategy of focusing on its core business, the Group sold its 46.5% stake in its associate, Baxenden Chemicals Limited, to Chemtura Corporation for £13m. In May 2008, in line with the Group's strategic restructuring following the acquisition of Uniqema, the Group's Chicago Oleochemicals business was sold to H.I.G. Capital LLC for £45.1m.
	During 2007, the Group disposed of three businesses; Food Services, Refrigeration Lubricants and its Malaysian manufacturing operation. The Food Services business was sold to AAK in June 2007 for £7.4m. The Refrigeration Lubricants business was sold to Lubrizol in October 2007 for £59.6m. The Group's Malaysian manufacturing operation, Uniqema Malaysia SDN BHD, was sold to KLK for £9.8m in September 2007.
					2008		2007		2007
					First		First		Full
					half		half		year
					£m		£m		£m
	Operating profit of discontinued operations				4.7		7.3		13.9
	Loss on disposal and closure of discontinued operations				(11.4)		3.2		51.8
	Tax				0.6		(3.0)		(14.8)
					(6.1)		7.5		50.9
6	Property, plant and equipment
	Opening net book amount				342.2		333.5		333.5
	Exchange differences				12.9		(3.2)		12.0
	Additions				23.3		16.0		37.6
	Business disposals				(38.4)		(2.5)		(10.3)
	Other disposals and write offs				(0.1)		(0.5)		(1.0)
	Depreciation charge for period				(15.4)		(15.1)		(29.6)
	Closing net book amount				324.5		328.2		342.2
	At 30 June 2008, the Group had contracted capital expenditure commitments of £10.8m (2007: £5.4m).
7	Financial assets and liabilities
	The Group manages its interest rate profile by use of interest rate swaps to maintain a balance between fixed and floating rate debt. Under IFRS, the fair value of such derivative instruments must be recognised in the financial statements with a corresponding fair value adjustment to the underlying loan instrument in respect of fair value hedges and an equity adjustment in respect of cash flow hedges. The total fair value of the Group's interest rate swaps at 30 June 2008 was £1.6m (2007: £2.8m).
8	Condensed statement of changes in equity
					2008		2007		2007
					First		First		Full
					half		half		year
					£m		£m		£m
	Opening shareholders' equity				218.0		124.5		124.5
	Total recognised income				16.7		65.1		114.5
	Dividends on equity shares				(14.5)		(13.0)		(19.8)
	Transactions in own shares				0.2		1.6		(2.4)
	Share based payments				1.3		0.7		1.2
	Closing shareholders' equity				221.7		178.9		218.0

9		Reconciliation to net debt
		Net movement in cash and cash equivalents				1.8		7.8		(28.0)
		Movement in debt and lease financing				29.4		(73.6)		(2.6)
		Change in net debt from cashflows				31.2		(65.8)		(30.6)
		New finance lease contracts				-		-		(0.1)
		Exchange differences				(6.8)		1.5		(5.4)
						24.4		(64.3)		(36.1)
		Net debt brought forward				(366.0)		(329.9)		(329.9)
		Net debt carried forward				(341.6)		(394.2)		(366.0)
10		Accounting estimates and judgements
		The Group's critical accounting policies under IFRS have been set by management with the approval of the Audit Committee. The application of these policies requires estimates and assumptions to be made concerning the future and judgements to be made on the applicability of policies to particular situations. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Under IFRS an estimate or judgement may be considered critical if it involves matters that are highly uncertain, or where different estimation methods could reasonably have been used, or if changes in the estimate that would have a material impact on the Group's results are likely to occur from period to period. The critical judgements required when preparing the Group's accounts are as follows:
		(i)       Provisions - the Group has made significant provision for potential environmental liabilities and for the costs of the restructuring exercise following the acquisition of Uniqema.
		The environmental provision relates to soil and potential ground water contamination on a number of sites, both currently in use and previously occupied, in Europe and the Americas. Restructuring provisions relate to the ongoing plans to integrate the acquired Uniqema business with the existing Croda businesses. Provisions are made where a constructive or legal obligation can be quantified and where the timing of the transfer of economic benefits relating to the provisions cannot be ascertained with any degree of certainty.
		In relation to the environmental provision, the directors consider that the balance will be utilised within 20 years. With regard to the restructuring provisions, significant elements have been utilised to date and the directors' view is that there will be further elements that will be utilised in the remainder of 2008 with the balance largely utilised by 2011. Based on information currently available and on the detailed plans established for the restructuring of the Group, this level of provision is considered appropriate by the directors.
		(ii)     Goodwill and fair value of assets acquired - the Group's goodwill carrying value increased significantly in 2006 following the acquisition of Uniqema. The Group tests annually whether goodwill has suffered any impairment and the Group's goodwill value has been supported by detailed value-in-use calculations relating to the recoverable amounts of the underlying cash generating units. These calculations require the use of estimates, however as recoverable amounts as calculated at the end of last year far exceeded carrying values, including goodwill, and as there has been no indication thus far this year of subsequent impairment, there is no sensitivity with regard to impairment.
	(iii) Retirement benefit liabilities - the Group's principal retirement benefit schemes are of the defined benefit type. Recognition of the liabilities under these schemes and the valuation of assets held to fund these liabilities require a number of significant assumptions to be made, relating to levels of scheme membership, key financial market indicators such as inflation and expectations on future salary growth and asset returns. These assumptions are made by the Group in conjunction with the schemes' actuaries and the directors are of the view that any estimation should be prudent and in line with consensus opinion.
11   Principal risks
	Each division considers strategic, operational and financial risks and identifies actions to mitigate those risks. These risk profiles are updated at least annually. The principal risks and uncertainties for the remaining six months of the financial year are the same risks and uncertainties referred to and discussed in the Group's most recent Annual Report.

Supplementary analysis of continuing operations restated for disposals

30 June 2008

unaudited £m

	2008		2008		2008
Turnover trends	Q1		Q2		H1
Average price	+ 15.7%		+18.9%		+ 17.3%
Volume	- 7.9%		-0.1%		- 4.2%
Underlying	+ 7.8%		+ 18.8%		+13.1%
Currency	+ 6.6%		+ 10.0%		+ 8.2%
Continuing sales	+14.4%		+28.8%		+ 21.3%
	2008		2008		2008
	Q1		Q2		H1
Turnover
Consumer Care	106.9		109.0		215.9
Industrial Specialities	132.7		140.1		272.8
	239.6		249.1		488.7
Profits
Consumer Care	21.3		23.0		44.3
Industrial Specialities	8.6		8.6		17.2
Operating Profit	29.9		31.6		61.5
Interest	(4.2)		(4.4)		(8.6)
Profit before tax	25.7		27.2		52.9
	2007		2007		2007
	H1		H2		Year
Turnover
Consumer Care	176.7		168.9		345.6
Industrial Specialities	226.2		233.0		459.2
	402.9		401.9		804.8
Profits
Consumer Care	35.7		38.4		74.1
Industrial Specialities	3.6		5.3		8.9
Operating Profit	39.3		43.7		83.0
Interest	(11.5)		(10.7)		(22.2)
Profit before tax	27.8		33.0		60.8

	2007		2007		2007		2007		2007
	Q1		Q2		Q3		Q4		Year
Turnover
Consumer Care	91.8		84.9		91.1		77.8		345.6
Industrial Specialities	117.7		108.5		106.0		127.0		459.2
	209.5		193.4		197.1		204.8		804.8
Profits
Consumer Care	17.9		17.8		18.1		20.3		74.1
Industrial Specialities	2.0		1.6		2.0		3.3		8.9
Operating Profit	19.9		19.4		20.1		23.6		83.0
Interest	(5.7)		(5.8)		(5.9)		(4.8)		(22.2)
Profit before tax	14.2		13.6		14.2		18.8		60.8

 

END

 

 

IR ILFITDIITFIT