Profit before tax increased 6.6% to £253.2m despite tough market conditions and adverse currency translation
Strong profit growth in Consumer Care and Performance Technologies resulting in record return on sales in both segments
Group return on sales increased to 24.3% (2011: 23.1%)
Earnings per share from continuing operations increased 8.2% to 130.0p
Full year dividend increased by 8.2% to 59.5p, a payout ratio of 46%, in line with new dividend policy
Further progress in acquiring leading edge technologies, strengthening our Personal Care business
o Acquired IRB, the global leader in plant stem cell biotechnology in July 2012
o Acquired Innovachem LLC in December 2012
Balance sheet strength further improved with reductions in both net debt and pension deficit
Completion of commodity plant disposal programme with sale of Cremona business
Commenting on these results, Chairman Martin Flower said:
"I am pleased to report another year of strong financial and strategic progress for Croda. This achievement in tough economic conditions demonstrates the resilience of our Consumer Care and Performance Technologies businesses, with both sectors reporting higher profits and a further improvement in margins. Our progress reflects our focus on sustainable growth through continued product innovation in niche markets and increasing investment in new technologies and emerging markets, particularly in Asia and Latin America.
Economic uncertainty continues, particularly in Europe, but we have made an encouraging start to the year and the Board is confident that Croda will make further progress in 2013."
