Croda has revealed that it has started to stockpile goods in continental Europe and made changes to its trading model ahead of the UK’s planned departure from the customs union, according to a report published by Reuters.
The UK based specialty chemicals company announced its preliminary results for fiscal 2018 yesterday. Core sales rose 3.8 percent to £1,268.7 million, with personal care sales up 6.8 percent and earnings per share rose 8.8 percent. Shares dipped following the announcement, however, as pretax profits missed estimates, rising 6.2 percent (constant currency) to £331.5 million.
“2018 was another year of strong progress for Croda. We are ‘Growing the Core’ – once again delivering top line growth at industry leading margins to achieve superior returns. We are ‘Stretching the Growth’, accelerating delivery across our markets through relentless innovation and by investing in disruptive technologies and exciting new growth opportunities. All core sectors contributed to this performance, demonstrating Croda’s three legs of growth. Cash generation strengthened and we have proposed the return of a further £150m through a special dividend to shareholders, in addition to an increased ordinary dividend,” Steve Foots, Croda’s Chief Executive Officer, commented.
“Looking ahead, whilst global market conditions remain challenging, we continue to invest for the future and are confident that our strategy of Growing the Core and Stretching the Growth will deliver further progress in 2019.”