Currency volatility takes its toll on the global personal care manufacturer
Currency gusts have hit specialty fragrance maker Croda. Although pre-tax profits climbed to £65.2m – a modest 0.2% rise on a year ago – Croda also had to book a £3.5m loss as a result of currency volatility. Consumer Care sales disappointed, down 0.6%, partly due to difficult North American weather at the start of the year. Personal care sales suffered underlying weakness from South America. However, Health Care growth was strong in almost all regions. Operating margins increased to 25.1% (2013: 24%), “reflecting favourable product mix,” said the company. Before going to press Croda shares were selling at 2,572p, still far from its 2,846p peak in early 2013.