Producer and retailer of specialty chemicals Croda International Plc (Croda) posted an increase in its revenues by 4% as the business saw positive sales trends in its core markets.
The newest revenue posted by the company shows that it has its strongest performance after many quarters that passed. Its shares increased by 6.6% last Friday’s morning trade with FTSE-250 Midcap Index of London that emerged as one of the top gainers.
Croda, whose major customers include Unilever PLC, Procter & Gamble Co and L’Oreal SA have told analysts during a conference call that it doesn’t see any approaches yet. The company’s Chief Executive Steve Foots responded to the speculations that the specialty chemical maker was eyed by the likes of Dupont of the U.S. and Evonik Industries of Germany.
Even with company’s strong income performance, Croda stated that its revenue went down by 3.3% which is equal to $410 million or 259 million pounds for the third quarter that ended on the 30th of September.
The adjusted operating profit for the third-quarter fell by 58.1 million pounds or 6.4% which was caused by the unfavorable movements and transaction costs of the currency.
Analyst Paul Walsh of Morgan Stanley said that the sales growth of Croda has beaten the levels of growth that were reported by other fragrance and flavors makers Symrise AG and Givaudan.