AGM trading update
Strong start to the year with FY22 outlook unchanged
Croda International Plc (“Croda” or the “Group”), the company that uses smart science to create high performance ingredients and solutions that improve lives, provides the following update ahead of its Annual General Meeting ('AGM') today.
Trading in 2022 has been strong, with continued sales and profit growth across the Group. Significant input cost inflation has continued to be successfully recovered. The Board's expectations for Full Year 2022 (“FY22”) are unchanged.
Demand has been particularly strong in North America and Asia. Notably, April sales in China were ahead of the prior year despite local COVID-19 lockdowns.
Strong demand in Consumer Care has continued, with good growth in Beauty Actives, Beauty Care and Home Care, and Fragrances & Flavours benefitting from delivery of integration synergies and the recent acquisition of Parfex.
Growth in Life Sciences has benefitted from robust market conditions in Crop Protection and continuing capacity expansion across Croda's Health Care platforms, with lipid systems performing in line with our expectations.
The divestment of the majority of our Performance Technologies and Industrial Chemicals businesses is continuing to plan and is expected to complete this summer. The potential sale of Croda Sipo in China, as part of the divestment, continues to be explored with our joint venture partner.
The Group will provide an update on its forward outlook at its Half Year Results on 29 July 2022.