Croda sees its profits rise in strong period
industry: East Yorkshire's Croda has seen its profits rise as it reported another year of strong financial and strategic progress.
The business, based in Snaith, increased fourth-quarter sales, which saw it report a 6.6 per cent rise in full-year profit to £253.2m despite tough market conditions.
The speciality chemicals firm, which makes chemicals for cosmetics, reported underlying sales grew 5.7 per cent in the fourth quarter.
The firm said the increase in sales and profitability was evident in all business sectors.
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Chairman Martin Flower said: "I am pleased to report another year of strong financial and strategic progress for Croda.
"This achievement in tough economic conditions demonstrates the resilience of our consumer care and performance technologies businesses, with both sectors reporting higher profits and a further improvement in margins.
"Our progress reflects our focus on sustainable growth through continued product innovation in niche markets and increasing investment in new technologies and emerging markets, particularly in Asia and Latin America.
"Economic uncertainty continues, particularly in Europe, but we have made an encouraging start to the year and the board is confident that Croda will make further progress in this year."
The business has made progress in a number of areas, one being separating performance technologies and industrial chemicals to allow greater management focus in both segments.
Chief executive Steve Foots said Croda's record results underline the resilience of its business model, focused on fast-growing niche markets and high-value products where we can utilise our global reach.