Croda boosted by strong end to 2009

23rd Feb 2010 07:26

Speciality chemicals supplier Croda lifted underlying profits by more than 10% last year after a strong fourth quarter that has continued into the current year.Profits in the last three months jumped by 44% to £30.9m, helping to boost the total for the year to £106.4m against £96.3. Pre-tax profits were £89.2m after closure costs of £17m.Revenue for the year rose slightly to £916m from £911m, with fourth quarter sales up 9% to £230.6m."The fourth quarter was even stronger year-on-year than the third quarter, taking the full year's pre-tax profit growth to 10.5% despite a difficult year for Industrial Specialities," Croda said. Personal Care and Health Care did well, it added, while the problems at Industrial Specialities in the first half eased as demand recovered in the second half. Overall volumes increased for the first time in 2009, up 19% on the fourth quarter of 2008."The encouraging trading performance seen during the second half has continued into 2010 and we are confident of achieving significant progress in the current year," chief executive Mike Humphrey added.The dividend for the year rises by 9% to 21.5p.