FTSE-listed smart science specialist Croda has told the City profits could slip between 20 and 25 per cent thesis year as trading normalises following unprecedented growth through Covid.
The East Yorkshire business saw sales top £2 billion as profits hit £500 million in 2022. Now in a trading update on the first five months of the year, chief financial officer Louise Burdett has told how pre-tax profits are likely to be between £370 million and £400 million.
In a statement issued to the City, the Cowick Hall-headquartered firm explained how in Consumer Care, whilst sales volumes are up compared to the final quarter of 2022, they remain down double-digit percentage compared with the same period last year “as a result of customer destocking continuing through the second quarter”.
