(Reuters) – Croda International expects full-year adjusted earnings to be “modestly ahead” of its previous expectations after robust growth at its healthcare and consumer care units helped the speciality chemicals group post a rise in half-year profit.
The British company on Friday forecast growth in the second half of the year to moderate in consumer markets on lower sales in lipid systems due to reduced demand for COVID-19 vaccines.
Croda, which counts Unilever and Procter & Gamble among its customers, is shifting focus to its life sciences and consumer businesses while also pivoting its performance tech division towards markets such as renewable technology and electric vehicles.
Shares of the London-listed firm were up 2.2% at 7,298 pence, as of 0720 GMT.
The company’s adjusted pretax profit for the six-month period ended June 30 came in at 288.8 million pounds ($353.38 million), compared with 229.5 million pounds a year earlier.
($1 = 0.8173 pounds)
(Reporting by Muhammed Husain in Bengaluru; Editing by Shounak Dasgupta and Sherry Jacob-Phillips)
