LONDON (dpa-AFX) - U.K.-based specialty chemicals business Croda International Plc (CRDA) on Tuesday announced sharply lower profits before tax in the half-year ended 30 June 2023, amidst the divestment of the majority of Performance Technologies and Industrial Chemicals on 30 June 2022.
Profit before tax dropped 79.8 percent to 128.7 million pounds, from 636.5 million pounds in the half-year ended June 2022.
Adjusted profit before tax dropped 39.6 percent to 174.3 million pounds, from 288.8 million pounds in the half-year ended June 2022.
Earnings dropped 83.8 percent to 63.1 pence per share, from 389.6 pence per share in the corresponding period of the previous year.
Adjusted earnings dropped 40.1 percent to 92.9 pence per share, from 155.2 pence per share in the corresponding period of the previous year.
Sales declined by 21.9 percent to 880.9 million pounds, from 1.13 billion pounds in the prior-year period. Customers reducing inventory levels affected revenues.
The full year 2023 Group adjusted profit before tax guidance continues to be between 370 million pounds and 400 million pounds.
'The speed and scale of the post-Covid stocking and subsequent destocking has been unprecedented, leading to a decline in first half sales volume and also impacting profit margin' said Steve Foots, Chief Executive Officer.
Shares of Croda International closed Monday's trading at 5662 pence, down 18 pence or 0.32 percent from the previous close.
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