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Croda Share Discussion Threads
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|mr market likes the mumbers|
|Croda International said the improving sales trend seen in the fourth quarter of 2016 had continued in the first quarter of this year.
It said constant currency sales increased by 4.9%, driven by strong organic growth.
Reported currency sales increased by 19.1% to £365.5 million (Q1 2016: £306.8m), reflecting sterling's continued weakness.
It said the later timing of Easter was estimated to have benefited sales by approximately 1.5%. Constant currency sales across the three principal sectors rose by 5.3%.
Looking ahead, an update said: "We are encouraged by the group's performance in the first quarter and, whilst we expect the exceptional sales growth seen in Performance Technologies to moderate, we remain on track to deliver continued profitable progress through 2017."|
|As set out at our full year results in February, our priorities for 2017 are to drive profitability through a greater focus on premium, faster growth niches; improve performance in less differentiated markets; and progress towards our return on sales targets in Performance Technologies and Incotec.
We are encouraged by the Group's performance in the first quarter and, whilst we expect the exceptional sales growth seen in Performance Technologies to moderate, we remain on track to deliver continued profitable progress through 2017.|
|Croda, Barclays said: "The company is a major beneficiary of weak sterling, while the new US biosurfactant plant should support both growth and earnings from next year onwards. Raw material inflation is an upside risk to our forecasts, as is the deployment of the strong cash generation. We see the company as ideally positioned for bolt-on M&A."|
|Inflicting quite a lot of damage for one Broker rec.
Credit Suisse downgraded Croda International to 'underperform' from 'neutral' but left the price target at 3,300p.
The bank said Croda shares are trading at a premium to fair value given operational headwinds in 2017 and structural longer-term pressure in Personal Care as the business lifecycle matures.
CS forecasts near-term earnings headwinds from upfront investment costs for the Atlas Point ethylene oxide facility, further price pressure in Omega-3 and continued portfolio downsizing.
Atlas Point is Croda's new ethylene oxide facility being built in the US, which will use corn-ethanol to produce ethylene oxide, giving organic credentials to its formulations.
CS noted the facility will incur circa £3m of ramp-up costs in the second half of this year as production is brought online.
Credit Suisse expects 2% volume, 1% price and 50 basis points margin pressure in 2017.
"We believe Croda's competitive position in Personal Care is under pressure from new entrants at both the value end (specialty chemicals) and in the company's premium portfolio," it said.
CS said it forecasts flat volumes to 2020 as Croda trims its tail-end business, where greater competition is eroding the margin premium.|
|Held up well on a down day.|
|Nice bump up again yesterday on further consideration of results.|
|Saw the results first thing this morning and got some for 33.43, so really pleased with progress today. It is a long term hold. My Mum has held these for decades and it is a quality company. I don't know if fundsmith hold but it looks like one of their type of shares, good margin, high ROCE and manageable debt.
|Under the radar for most it seems.
Been in and out a couple of times taking a nice profit on each.
IMO this could have further to go with a confident outlook like that - so its a hold for me.|
|- Croda International posts record profits for the year to the end of December driven by 'relentless innovation'.
Sales increased by 15.0% to £1,243.6m (2015: £1,081.7m).
This included an 11.9% benefit from currency translation due to weaker sterling.
Sales in constant currency increased by 3.1%, with acquisitions contributing 4.7%.
Adjusted profit before tax increased by 13.2% to £288.3m (2015: £254.7m). This was 4.8% higher in constant currency. Profit before tax on an IFRS basis was also up strongly at £275.7m (2015: £252.3m). Return on sales increased by 40 basis points in constant currency, reflecting a richer product mix of 'high end' products and innovation.
Reported return on sales was slightly lower at 24.0% (2015: 24.4%), due to the dilution impact of the Incotec acquisition and lower profit from the API contract in North America.
Adjusted EPS rose 15.4% to 155.8p (2015: 135.0p) and the proposed final dividend has been increased by 8.6% to 41.25p (2015: 38.0p).
Chief executive Steve Footssaid: "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.
"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.
"Our priorities for 2017 are to drive profitability through a greater focus on premium, faster growth niches; improve performance in less differentiated markets; and continue to grow margins in Performance Technologies and Incotec.
"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."|
|POLY just beat CRDA to the FTSE 100 last month but will be promoted on 5 Oct when SAB leave. Therefore expect a large trade at close tomorrow when funds adjust their holdings.|
|TP lifted to 3600p by Deutsche.|
|Strength again today.
Can't see any Broker upgrade.|
|Possible FTSE100 promotion when ARM leave next week.|
|Doing very well again today.
FX translation and positive broker comment.|
|The Share Consolidation is due to take effect upon admission of the New Ordinary Shares of 10.357143 pence each in the capital of the Company to the premium segment of the Official List and to trading on the London Stock Exchange's main market, expected to be at 8.00am on Monday 9 May 2016. As a result of the Share Consolidation shareholders will hold 28 New Ordinary Shares of 10.357143 pence each for every 29 Existing Ordinary Shares of 10 pence each held at 5.00pm on Friday 6 May. Accordingly, application has been made to the UK Listing Authority ("UKLA") to amend the Official List and to the London Stock Exchange to amend the trading line whereby 135,124,108 ordinary shares of 10.357143 pence each will commence trading at 8.00am on 9 May. The New Ordinary Shares will have an ISIN of GB00BYZWX769 and a SEDOL of BYZWX76.
The Special Dividend of 100 pence per existing Ordinary Share, which was announced on 23 February 2016 and was conditional upon the Share Consolidation being approved, will be paid on 2 June 2016 to shareholders on the register at 5.00pm on 6 May 2016 (with an ex-entitlement date of 9 May 2016|
|Croda International reported a rise in first-quarter sales and reaffirmed its outlook for the full year amid continued growth in the group's core businesses.
The FTSE 250 company, which manufactures speciality chemical ingredients, said sales rose 7.7% in the first quarter to the end of March to £306.8m, with seed treatment business Incotec adding 4.7% to group sales in its first quarter since acquisition.
At the same time, favourable currency translation lifted reported sales by 3.9%, reflecting the impact of the stronger euro and US dollar.
In the core business, Asia saw strong growth, with underlying sales up 7.2%.
Europe also continued to deliver steady growth, with underlying sales 2.7% higher, but underlying sales in North America fell 1.8%.
Croda said export customers have been impacted by the strong dollar and it has seen US customers relocate manufacturing overseas.
Volume in Latin America remained weak due to difficult macroeconomic conditions, and sales, whilst up strongly in local currency, were 11.5% weaker on an underlying basis.
The company also said profit growth in the first quarter was in line with its expectations and operating margin rose 60 basis points thanks to a good performance in consumer markets, successful innovation reflected in new and protected products growth in all sectors, growth with regional and local customers, and improved mix within the product portfolio.|
|Croda track record says it all.....excellent ! & more to come with the exchange rate favourable for the Export side.|
|blackrock adding- should i|
|JP Morgan Cazenove Croda International PLC 15/01/2016
2,800.00 3,200.00 2,867.00