Croda profits at low end of guidance as CFO departs for Spirax-Sarco

18th Dec 2023 07:14

(Sharecast News) - British speciality chemicals company Croda International is on the hunt for a new chief financial officer after announcing that its current CFO will leave the group next year.

Croda also confirmed that its full-year outlook for 2023 remains unchanged, though profits will be at the lower end of guidance.

Louisa Burdett has informed the company that she intends to leave in June 2024 to become the CFO of FTSE 100 firm Spirax-Sarco Engineering.

"On behalf of the board and all Croda colleagues, Steve Foots [chief executive] and I would like to thank Louisa for her contribution to the company," said chair Anita Frew.

"Louisa will leave with our best wishes next summer and in the meantime, a search for her successor is underway. A further announcement will be made in due course."

Croda announced that it is still trading in line with previous guidance that full-year adjusted profit before tax should come in at between £300m and £320m, down from £496m in 2022.

However, it said that due to recent currency movements, notably in Argentina, profits are expected to be towards the lower end of that range.