THE WHAT? Croda has reported its results for fiscal 2022. The cosmetics ingredients manufacturer saw both sales and profit rise in the double digits versus the prior year. Sales totalled £2089.3 million, up 10.6 percent on 2021’s figures (5.2 percent in constant currency), while profit before tax increased 11.4 percent to £445.2 million (+7.3 percent in constant currency).
THE DETAILS Breaking down sales growth by region, Asia, Western Europe and Larin America were the strongest performers, swelling 10 percent, 5 percent and 19 percent respectively. Sales remained flat in Eastern Europe and dropped 3 percent in North America.
In terms of category, Consumer Care registered 18 percent sales growth while Life Sciences put on 19 percent, Industrial Specialties dropped 8 percent and Group rose 11 percent.
THE WHY? Steve Foots, Chief Executive Officer, explains, “2022 has been a milestone year for Croda as we continued our transition to a pure play Consumer Care and Life Sciences business, evolving our portfolio to be more closely aligned to the emerging megatrends driving our markets. For the first time, we delivered over £2 billion in sales and £500 million in adjusted operating profit, reflecting progress across all areas of our business. Consumer Care is increasingly resilient, supported by encouraging growth in our F&F business, whilst Life Sciences has built on an exceptional prior year, with an exciting project pipeline in Pharma and a stand-out performance in Crop Protection.
“These record results have been achieved whilst managing a challenging environment. This demonstrates the power of our business model, our consistent execution, an increased resilience, following our recent portfolio changes, and the increasing importance of our products in our markets. We have a disciplined investment approach which is driving both organic and acquisitive growth. “The increased depth, breadth and resilience of Croda’s business and the significant opportunities that we see in our high[1]growth markets underpin our confidence for the year ahead.”
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