Croda says price increases boost profit; CEO to retire

Croda posted a 30 per cent rise in first-half pre-tax profit as it increased prices to pass on higher costs of raw materials, and the British chemicals firm said chief executive Mike Humphrey would retire at the end of the year.

By The Newsroom

Published 28th Jul 2011, 09:43 BST

Mr Humphrey, who will remain involved with the business as senior adviser, will be succeeded by Steve Foots, president of Croda Europe, on January 1, 2012.

The Goole-based company, which makes chemicals for cosmetics, healthcare and home care industries, set an interim dividend of 24.75 pence, up from 9.75 pence last year.

“The second half of the year has started well and we expect to make further progress compared with 2010 through the remainder of the year,” Croda said in a statement.

Croda, whose key customers include Estee Lauder, L’Oreal and Syngenta , said first-half pretax profit was £124.8m from continuing operations, compared with £95.9m a year ago.

Sales from continuing operations rose nine per cent to £559.6m.

Shares of Croda closed at 1,926 pence yesterday on the London Stock Exchange, valuing the company at about £2.70bn.

Goole