Croda International PLC's (LON:CRDA) financial results for 2017 boast of ‘record profit’, with the adjusted pre-tax number up 11% to £320.3mln, and it said it has entered the current year with momentum.
The chemicals group also highlighted strong sales growth, up 10.4% to £1.37bn, and reported improved margins which at 24.4% were up 20 basis points.
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Operationally, it told investors that its personal care and life sciences businesses performed well, with sales improving 5.3% and 4.6% respectively, while the performance technologies unit grew by 6.6% as it was able to focus more on value rather volume.
"2017 was a year of significant progress, with record profits and strong organic sales growth,” said Steve Foots, chief executive. “All core sectors and major regions contributed to this growth, demonstrating that our strategy continues to deliver and reinforcing that Croda has three strong legs of growth.”
“Our focus on premium, faster growing market niches and high quality technologies delivered consistent top and bottom line growth. Innovation continued at record levels, with sales of New and Protected Products increasing for the fifth consecutive year.
“We continued to invest in fast growth technologies and expanded our successful Open Innovation programme, initiatives that will drive future growth.”
Looking to the current year, he added: “We are confident of delivering continued progress in 2018."