The UK-based maker of cosmetic ingredients said overall turnover increased 25.2 per cent to £246.7m (€306.2m) for the three months ending 30 September.
Increased average prices boost sales
By shedding of low margin businesses and increasing prices the company lifted the average selling price per tonne by 20.5 per cent.
This along with favourable currency translation effects to the tune of 12.7 per cent helped lift the sales figures and hide a reduction in overall sales volume.
Higher prices and slacker demand hit Plastics Additives and Coatings but demand for personal care ingredients remained robust.
Overall Croda succeeded in generating sales growth that outpaced raw material price inflation.
“Whilst we recognise the uncertainty relating to global trade at present, demand remains robust in all our core markets and we are confident of making further progress, both in the fourth quarter and in 2009,” said Croda chairman Martin Flower.
Significant profit growth
Operating margins were up 1.3 percentage points to 11.5 per cent helping to take profit figures significantly higher.
Higher sales, synergies realised from the acquisition of Uniqema and lower interest charges all helped take pretax profits up 73.2 percent at £24.6m.
