LONDON (dpa-AFX) - Croda International Plc. (CRDA.L) reported that its profit attributable to owners of the parent for the year ended 31 December 2022 climbed to 649.3 million pounds from 320.8 million pounds in the prior year.
Profit before tax increased to 780.0 million pounds from 411.5 million pounds in the prior year. The latest year results included a gain on business disposal of 356.0 million pounds.
Adjusted profit before tax increased by 11% 496.1 million pounds from the prior year.
Group sales grew by 11% to 2.09 billion pounds from the prior year.. Constant currency sales rose by 5%, driven by ability to recover input cost inflation, with price/mix up by 24%.
According to the company, the group is trading in line with expectations. It expects the customer destocking that has been particularly apparent in North America to come to an end in the first half year, supporting continued sales growth this year in Consumer Care.
In Life Sciences, the company expects good sales growth in Crop Care and the non-Covid related Pharma business to offset the previously indicated decline in Covid-19 vaccine demand.
Group performance in 2023 will be more second half weighted than in the prior year, reflecting the divestment of the majority of PTIC in June 2022 and the phasing of lipid systems shipments to principal Covid-19 vaccine customers.
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