Weak currencies slam chemicals maker Croda

City A.M. Reporter
SPECIALITY chemicals maker Croda reported a marginal rise in underlying sales in the third quarter, hurt by subdued markets and weak currencies.

The company, which makes chemicals used in personal care, crop care and home care products, said underlying sales rose 0.8 per cent in the period since 1 July.

Croda said fourth-quarter profit was likely to be similar to that of the three months just past.

The company said that significant devaluation of the Japanese yen and Indian rupee had reduced the benefit of currency translation compared to the first half.

Pre-tax profit increased 5.4 per cent to £58.6m during the period. Shares in the group tanked 7.5 per cent to close at 2,436p after the announcement.