H1 2015 sales up 5.2% reflecting growth in all sectors and all regions:
o Q2 performance ahead of Q1
o Continued momentum in Personal Care with strong margin
o Excellent growth in Life Sciences, up almost 15%, including pharma Omega-3 launch
o Recovering sales in Performance Technologies
Successful focus on innovation driving increased profit:
o Record New and Protected Products sales, up 21%, representing 25.8% of total sales (2014: 22.5%)
o Adjusted pre-tax profit of £135.7m (2014: £125.3m), up 7.3%
o Robust operating margin at 24.6% (2014: 24.6%)
Good cash generation funding organic growth investment and increased dividend:
o Net debt £179.2m (31 December 2014: £180.2m)
o Continued investment to drive future organic growth
o Interim dividend increased by 5.1%
Martin Flower, Chairman of Croda, commented:
"Croda's performance in the first half of 2015 has been encouraging. The recovery in underlying sales trends, which began in the second half of last year, has continued to strengthen, operating margin has remained strong and pre-tax profit has increased over 8%. This progress has been underpinned by record sales of New and Protected Products.
"We expect to continue to deliver growth through the second half of the year, albeit against a stronger comparator period. Whilst conditions remain uncertain in Europe, we are encouraged by recent growth. Overall, we remain on track to deliver our expectations for the full year and to generate strong returns for shareholders."