Sector growth boosts Croda half-year profits

Half year pre-tax profits at speciality chemical company Croda rose 15.8% to £168m boosted by currency tailwinds as sales increased 16.2% to £707.3m.

“Sterling exchange rates are now largely consistent with the prior year and, if unchanged, would not therefore repeat the first half year benefit of currency translation on sales and profit,” the company said.

The interim dividend was lifted 6.9% to 35p.

Chief executive Steve Foots said all of Croda's core businesses had increased sales and profit underpinned by growth in premium market niches.