Croda International PLC
26 April 2007
26 April 2007
Croda International Plc
AGM Trading Statement & Board Appointment
Commenting at today's AGM, Martin Flower, Chairman of Croda International Plc,
said:
'The encouraging trading seen in January has continued through to the end of the
first quarter. Our unaudited management accounts show revenues and profits are
in line with expectations despite significant adverse currency movements versus
last year. Even after exiting some unprofitable business acquired with Uniqema
, pro-forma revenues for continuing operations in the enlarged group are up 5.5%
on a constant currency basis versus the corresponding period last year (1% down
post a 6.5% adverse currency translation).
Pre-tax profits from continuing operations are up by almost 17% in spite of the
adverse currency effect in the quarter versus last year. The planned synergy
gains are developing steadily month by month as we realise the benefits of our
swift and efficient integration of Uniqema.
Net debt was £394m at the end of March principally due to one off payments into
the pension fund and the settlement of working capital and cash adjustments with
ICI relating to the acquisition of Uniqema.
As reported in our annual report and accounts, Mike Ward is standing down from
the Board at the end of today's AGM after six years with Croda. The Board
thanks Mike for his contribution and wishes him well for the future. Mike
Buzzacott will be assuming the chairmanship of the Audit Committee.
We are pleased to announce the appointment of Stanley Musesengwa as a
non-executive director of the Company with effect from 7 May. Stanley is
currently a director and the Chief Operating Officer of Tate & Lyle PLC. Since
joining the Tate & Lyle group in 1979, he has held a number of senior
international roles including Chief Executive Officer of Tate & Lyle Europe from
1999 to 2003. We look forward to welcoming Stanley to the Board and believe his
extensive high level commercial experience will be a great asset to us.'
There are no further matters to be disclosed under LR9.6.13R of the Listing
Rules of the UK Listing Authority.
Croda International Plc will be announcing its interim results on 25 July 2007.
For further information please contact:
Croda International Plc Tel: 01405 860551
Mike Humphrey, Group Chief Executive
Sean Christie, Group Finance Director
Financial Dynamics Tel: 020 7831 3113
Andrew Dowler/Charles Watenphul
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The company news service from the London Stock Exchange
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