Croda PLC (LON:CRDA) saw its half-year profits rise although the speciality chemical company’s sales slipped on the back of a stronger pound, and it repeated its confidence in the full-year outcome.
The FTSE 100-listed firm posted a 1.7% rise in pre-tax profit to £170.8mln for the six months to the end of June, as sales dipped by 0.6% to £702.8mln after a 4.6% negative impact from currency translation.
READ: Croda International's revenues clipped by currency moves
The group highlighted "excellent" sales growth in the personal care division of 9.3% at constant currency while operating profit was 6.1% higher.
In the life sciences business, it said, sales were up 2.3% while operating profit was 1.8% firmer, at constant currency.
In performance technologies, meanwhile, operating profit grew 15.2% and sales were 1.7% higher, the firm added.
Croda’s chief executive Steve Foots said: "This is a strong first-half performance. We are delivering our strategy of 'Growing the Core', driving top-line organic growth at industry leading margins to achieve superior returns.”
He added: "We have encouraging momentum in our consumer businesses and performance technologies have delivered double-digit percentage profit growth for the third successive year, a strong progress that is supported by improving cash generation, underpinning confidence for the full year."
The company lifted its interim dividend by 8.6% to 38p per share.