Croda lifts final dividend despite being hit by currency headwinds

24th Feb 2015 09:10

Strong currency headwinds hit specialty chemicals maker Croda International, which saw its annual pre-tax profit fall 6.4% to £235.4m.In the 12 months to 31 December, the group, whose customers include L'Oreal SA, Unilever Plc and Procter & Gamble Co, said revenue dropped 2.8% year-on-year to £1.05bn.Group chairman Martin Flower said "2015 has started in line with our expectations"."Although we expect demand in Europe to remain subdued, we continue to target profitable sales growth for the group," he added."The board is confident that our investments in innovation, new capacity and fast growing markets, alongside close collaboration with our customers, will deliver sustained growth over the medium term."The group recommended an increase in final dividend per share to 36.0p from 35.5p in 2013, with total dividend declared in 2014 rising 1.6% to 65.5p per share."Croda's full-year results are largely in line with our forecasts," said broker N+1 Singer Equity Research, which reiterated its 'hold' rating on the stock."This represents a solid performance in challenging market conditions. 2015 is said to have started in line with expectations as the board continues to target profitable sales growth despite a subdued demand environment in Europe."Croda shares were up 0.14% to 2,802.00p at 09:22 on Tuesday.