Croda International’s Covid-19 role helped deliver a record performance for the speciality chemicals business.
It saw first half sales for 2021 up almost 40 per cent, while pre-pandemic comparisons were also up 10 per cent, with all sectors delivering strong growth.
The East Yorkshire FTSE-listed company produces vaccine ingredients that carry the active element into the body, as well as a lipid system that holds the structure in place.
Read more: Huge 232,150 sq ft £7m Croda distribution centre delivered at Goole 36 Enterprise Zone
Alongside acquisitions in fast growth consumer markets - particularly natural French fragrance production - it posted a 38.8 per cent increase to £934 million.
Steve Foots, chief executive, said: “Our record first half performance reflects the impact of our strategic acceleration and investments, supported by improving customer demand across all regions and sectors. This has been delivered through excellent growth in our existing businesses, successful delivery from our recent acquisitions and continued success in building our Life Sciences platform.”
That was described as delivering an “outstanding performance” with sales up by more than 60 per cent, with margin up almost 7 per cent “reflecting continued growth in higher value added niches”.
As reported, industrial sites in Hull, Holland and China could be sold off as it looks to focus on personal care markets.
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Mr Foots said: “With the strategic review of our Performance Technologies business well underway, we continue our transition to becoming a pure play consumer facing ingredients company.
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“I am excited by Croda’s increasing opportunities in emerging technology platforms and faster growth markets, where demand for sustainable solutions will drive our progress going forward. We are investing in organic and inorganic expansion, continuing our relentless innovation and focusing on sustainability across everything we do. This is creating new avenues for future growth, delivering significant value for our shareholders.”
French businesses Parfex and Alban Muller were both added in the period, while a successful integration of Iberchem was also underlined.
Mr Foots said the company anticipates full year results to be “significantly ahead of current expectations” while anticipating softening of customer restocking seen post lockdown and an uncertain Covid-19 demand beyond the short term.
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