Croda full year profits lifted by weak pound

The weak pound helped boost full year pre-tax profits st specialty chemicals firm Croda to £288m from £275m.

Sales increased by 15% to £1.24bn which included a 11.9% benefit from currency translation due to weaker sterling. Sales in constant currency increased by 3.1%, with acquisitions contributing 4.7%.

The full year dividend was lifted by 7.2% to 74p a share.

"Croda has delivered a record profit in 2016. We have grown sales through selective acquisitions and organic growth in premium market niches, driving bottom line performance through high value products and relentless innovation,” said chief executive Steve Foots.

“Our innovation pipeline is exciting, with sales of new and protected products increasing for the fourth consecutive year. We continue to expand in higher growth markets, with Asia the stand out performer, and we are growing with regional and smaller customers.”

"We have seen some encouraging signs of improving sales trends, which have continued into 2017. We are supporting this through innovation and investment. Croda is a strongly cash generative business with substantial balance sheet capacity. We will remain disciplined in both our capital allocation and in driving returns for shareholders. We are confident of delivering continued progress in our performance in 2017."