Croda International PLC Third Quarter Trading Update (0520P)
2023年10月9日 - 3:00PM
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RNS Number : 0520P
Croda International PLC
09 October 2023
9 October 2023
Croda International Plc
Third Quarter Trading Update
Croda International Plc ('Croda' or 'the Group') today provides
an update on trading from 1 July to 30 September 2023 ('the third
quarter' or 'the period').
Customers have continued to reduce their ingredient inventories
in consumer care, crop and industrial end markets, due to a
combination of destocking and a weaker demand environment. This has
continued to depress sales volumes and our overall performance for
the period was therefore weaker than originally anticipated.
In Consumer Care, sales volumes in the Beauty Care business were
lower than expected in July and August with North America not
recovering from quarter two. Beauty Care sales volumes have however
improved in September and we expect the recovery to continue
through the remainder of the year, albeit now from a lower base.
Second half operating profit margin is expected to be lower than
the first half year due to the negative leverage impact of low
volumes and adverse business mix. Customer appetite for innovation
remains high, with continued demand for ingredients differentiated
by sustainability. F&F sales remain strong, Home Care sales are
improving sequentially, and positive price/mix continues to offset
low volumes in Beauty Actives.
In Life Sciences, sales have weakened further in Crop Protection
and improvement is now expected to commence in the first half of
next year. Seed Enhancement continues to perform well with
incremental future opportunities being driven by regulatory change.
The Pharma business continues to make exciting progress with its
industry-leading position in biologics delivery and recent
partnerships helping to further strengthen its pipeline of
opportunities. We expect shipments of lipid systems to our
principal Covid-19 vaccine customers to occur as planned and
non-Covid sales to remain resilient as customer innovation
pipelines continue to develop.
Industrial Specialties continues to be adversely affected by
weak industrial demand globally and is not expected to be
profitable in the second half of the year.
With no indications of a significant rebound to come in the
fourth quarter, Croda now expects full year 2023 Group adjusted
profit before tax to be between GBP300m and GBP320m (previously
GBP370m-GBP400m).
Several cost measures have been implemented since June this year
to protect profitability. Actions include tighter budgetary control
of fixed costs and optimising production through plant shutdowns
and reduced shift patterns, at the same time as increasing sales
activity to meet ongoing customer demand for innovation. We are
also seeking efficiency savings from simplifying business processes
and ways of working. Croda remains well positioned to rebound when
the macro environment improves.
Capital discipline is being maintained by managing down
inventory and challenging non-committed, non-safety-critical capex
projects, whilst striking a balance with continuing to invest in
future growth.
Croda will report full year results for the year ending 31
December 2023 on 27 February 2024.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014 (as it
forms part of Retained EU Law as defined in the European Union
(Withdrawal) Act 2018). The Market Abuse Regulation requires us to
state the person responsible for making this announcement who is
Steve Foots, Chief Executive Officer.
Conference call:
There will be a conference call for covering analysts at 0800
BST this morning with dial-in details below. Participants are
encouraged to dial in early as they will need to register with the
operator.
-- Operator assisted dial-in: +44 (0)33 0551 0200; passcode "Croda"
For enquiries contact:
Investors: David Bishop, Croda +44 7823 874428
Press: Charlie Armitstead, Teneo +44 7703 330269
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END
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(END) Dow Jones Newswires
October 09, 2023 02:00 ET (06:00 GMT)
Croda (LSE:CRDA)
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から 4 2024 まで 5 2024
Croda (LSE:CRDA)
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