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Croda International (CRDA)

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Wednesday 30 July, 2003

Croda International

Interim Results

Croda International PLC
30 July 2003

Wednesday, 30 July 2003

                                                Croda International Plc

                                           Interim Results Announcement 2003

Croda today announces its interim results for the six months to 30 June 2003:


                                                                                      2003             2002

Sales for continuing operations                                                    £150.1m          £151.4m

Pre-tax profit before exceptional items for

  continuing operations                                                             £20.6m           £19.3m

Profit before taxation                                                              £20.0m            £0.3m

Earnings per share - basic                                                            9.9p           (3.7p)

Earnings per share - before exceptional items                                         9.9p             9.3p

Dividends per share                                                                  4.02p            3.91p

•         Sales volumes in core Personal and Health Care markets up by 3%

•         Pre-tax profit before exceptionals for continuing operations up 6.7%

•         Oleochemicals trading margin raised to over 17%

•         Ongoing demand good and product pipeline strong

•         Net debt reduced by over £8m

•         Interim dividend increased by 2.8% to 4.02p

Commenting on the results, Chairman, Antony Beevor, said:

'Following the strong start to the year in our core business, demand has
remained firm in most areas.  Sales volumes in Personal and Health Care, which
represent 56% of our total sales, rose by 3%.  A strong performance in active
ingredients, mix improvements and price increases raised margins in the
Oleochemicals business to over 17%.

Our new product programmes continue with a number of launches planned for the
second half of this year and into 2004.  Consequently the Board remains
confident that we will make progress in the current year.'

For further information, please contact:

Mike Humphrey, Chief Executive                           Tel:   01405 860551

Barbara Richmond, Group Finance Director                 Tel:   01405 860551

Charlie Armitstead, Financial Dynamics                   Tel:   0207 269 7182

Or visit our web site at: where the presentation to analysts will
be available by midday today.

                            Chairman's Statement

Profit before tax for continuing operations in the first half year was £20.6m,
6.7% ahead of the same period last year.

Sales from continuing operations in the first six months were in line with those
for the previous year.  The negative effect of currency fluctuations and our
withdrawal from certain commodity business was offset by volume growth in our
core markets, improved product mix, and price increases in a number of business

The tax rate was 35.5% giving earnings per share of 9.9p, a 6.5% increase on the
comparable number excluding exceptional items of 9.3p (basic loss per share of
3.7p) for 2002.  The Board has declared an increased interim dividend of 4.02p
(2002 3.91p), payable to shareholders on 5 January 2004.


Following the good start to the year, demand remained firm in most areas with
the exception of the United States of America, where there was some slow down
towards the end of the first half.  A strong performance in active ingredients,
mix improvements and price increases raised margins in the Oleochemicals
business to over 17%.

Sales volumes in Personal and Health Care, which represent 56% of our continuing
sales, rose by 3% and continue to be the main driver of growth for the Group.
Sales in the Home Care and Plastics Additives segment fell as we withdrew from
some lower margin commodity products.

In our Other businesses, sales again declined.  Our Technical Oils business
withdrew from certain commodity products following the restructuring of that
business.  However, for the first time in a number of years profits in these
businesses did not decline, but held steady at £1.7m.

The loss on discontinued operations represents the final trading losses in our
gelatin business which closed earlier this year.


In the first half year we spent £4.4m on capital investment.  In addition we
sold our Market Harborough site which was closed at the end of last year.  The
proceeds of this disposal were £1.2m.  The resulting low net capital
expenditure, combined with the improved results and continued progress on
working capital produced a net cash inflow of £7.1m.  The overall reduction in
net debt was even higher at £8.4m, as a consequence of a large proportion of our
debt being denominated in US dollars, giving gearing of 25% (2002 37%).


Demand remains good overall.  Our new product programmes continue with a number
of launches planned for the second half of this year and into 2004.
Consequently the Board remains confident that we will make progress in the
current year.

Croda International Plc

Results for the six months ended 30 June 2003

Group profit and loss account

Unaudited £m                                                      2003              2002                2002
                                                                 First             First                Full
                                                                  half              half                Year

Continuing operations                                            150.1             151.4               295.0
Discontinued operations                                            4.0              11.1                18.6
                                                                ______            ______              ______
                                                                 154.1             162.5               313.6
                                                                ______            ______              ______
Operating profit
Continuing operations                                             22.3              21.6                42.3
Discontinued operations                                          (0.6)             (0.1)               (2.0)
                                                                ______            ______              ______
                                                                  21.7              21.5                40.3
Exceptional items                                                    -            (18.9)              (28.9)
Net interest payable                                             (1.7)             (2.3)               (4.0)
                                                                ______            ______              ______
Profit before taxation                                            20.0               0.3                 7.4

UK taxation                                                      (1.0)             (1.4)               (1.6)
Overseas taxation                                                (6.1)             (5.5)              (11.4)
Tax on exceptional items                                             -               1.8                 5.0
                                                                ______            ______              ______
Profit after taxation                                             12.9             (4.8)               (0.6)
Minority interests and
  preference dividends                                               -             (0.1)               (0.1)
                                                                ______            ______              ______
Profit attributable to ordinary
  shareholders                                                    12.9             (4.9)               (0.7)
Ordinary dividends                                               (5.2)             (5.1)              (15.0)
                                                                ______            ______              ______
Reserves transfer                                                  7.7            (10.0)              (15.7)
                                                                ______            ______              ______

                                                            pence per          pence per         pence per
                                                                share              share             share
Earnings per share of 10p
Basic                                                             9.9              (3.7)             (0.5)
Basic before exceptional items                                    9.9                9.3              17.7

Diluted                                                           9.9              (3.7)             (0.5)
Diluted before exceptional items                                  9.9                9.3              17.7

Ordinary dividends
Interim                                                          4.02               3.91              3.91
Final                                                                                                 7.59

Summarised balance sheet

Unaudited £m                                                   At                   At                    At
                                                          30 June              30 June           31 December
                                                             2003                 2002                  2002

Fixed Assets                                                169.8                185.0                 173.3
Stock                                                        52.7                 59.1                  51.5
Debtors                                                      97.4                 96.8                  89.7
Creditors and provisions                                  (104.3)              (107.8)                (99.6)
                                                           ______              _______                ______
                                                            215.6                233.1                 214.9
                                                           ______              _______               _______
Shareholders' funds                                         170.7                168.6                 161.7
Minority Interests                                            1.2                  1.2                   1.1
                                                           ______               ______                ______
                                                            171.9                169.8                 162.8

Net debt                                                     43.7                 63.3                  52.1
                                                           ______               ______                ______
                                                            215.6                233.1                 214.9
                                                           ______               ______                ______

Movement in shareholders' funds

Unaudited £m                                                            2003          2002              2002
                                                                       First         First              Year
                                                                        Half          Half

Profit attributable to ordinary shareholders                            12.9         (4.9)             (0.7)
Ordinary dividends                                                     (5.2)         (5.1)            (15.0)
Goodwill written back                                                      -           5.2               5.2
Currency translation differences                                         1.3         (0.4)             (1.6)
                                                                      ______        ______            ______
Net movement in shareholders' funds                                      9.0         (5.2)            (12.1)
Opening shareholders' funds                                            161.7         173.8             173.8
                                                                      ______        ______            ______
Closing shareholders' funds                                            170.7         168.6             161.7
                                                                      ______        ______            ______


There have been no recognised gains or losses, other than those detailed above,
since 31 December 2002.

Summarised cash flow

Unaudited £m                                                            2003          2002              2002
                                                                        First        First              Year
                                                                        Half          Half

Operating profit                                                        21.7          21.5              40.3
Depreciation                                                             7.2           7.9              15.7
Amortisation of goodwill and own shares                                  0.3           0.2               0.6
Working capital movement                                                 0.3         (7.0)               1.4
Other                                                                  (3.8)         (1.8)             (6.4)
                                                                       _____         _____             _____
Operating cash flow                                                     25.7          20.8              51.6
Interest                                                               (1.7)         (2.3)             (3.9)
Dividends                                                              (5.1)         (5.1)            (14.8)
Taxation                                                               (7.0)         (6.9)            (10.7)
Fixed assets purchased                                                 (4.4)         (8.5)            (13.9)
Net purchase of own shares                                             (0.6)         (0.3)             (0.8)
Disposals                                                                1.7           0.3               0.7
Other                                                                  (1.5)           0.8             (0.2)
                                                                       _____         _____             _____
Movement in net debt from cash flows                                     7.1         (1.2)               8.0
New finance lease contracts                                                -             -             (0.2)
Exchange differences                                                     1.3           1.5               3.7
                                                                       _____         _____             _____
Movement in net debt in the period                                       8.4           0.3              11.5
                                                                       _____         _____             _____

Exceptional items

Unaudited £m                                                            2003          2002              2002
                                                                       First         First              Year
                                                                        Half          Half

Loss on discontinuance of operations
Loss on discontinuance                                                     -        (13.7)            (23.7)
Goodwill written back                                                      -         (5.2)             (5.2)
                                                                       _____         _____             _____
                                                                           -        (18.9)            (28.9)
                                                                       _____         _____             _____

Segmental analysis of continuing operations

Unaudited £m                                                            2003          2002              2002
                                                                       First         First              Year
                                                                        Half          Half

Turnover by business sector

Oleochemicals                                                          133.4         133.3             260.1
Other                                                                   16.7          18.1              34.9
                                                                       _____        ______            ______
                                                                       150.1         151.4             295.0
                                                                       _____        ______            ______

Trading profit

Oleochemicals                                                           23.1          22.2              43.4
Other                                                                    1.7           1.7               3.4
                                                                       _____        ______            ______
                                                                        24.8          23.9              46.8
Central costs                                                          (2.5)         (2.3)             (4.5)
                                                                       _____        ______            ______
                                                                        22.3          21.6              42.3
                                                                       _____        ______            ______

Turnover by geographical destination

United Kingdom                                                          22.9          25.1              50.2
Rest of Europe                                                          48.8          40.2              81.4
Americas                                                                45.6          52.1              97.5
Asia                                                                    19.3          20.2              39.6
Rest of World                                                           13.5          13.8              26.3
                                                                       _____        ______            ______
                                                                       150.1         151.4             295.0
                                                                       _____         _____            ______            

Turnover by market sector

Personal and Health Care                                                83.7          82.9             160.7
Home Care and Plastics Additives                                        21.5          22.4              43.7
Industrial Specialities                                                 28.2          28.0              55.7
Other                                                                   16.7          18.1              34.9
                                                                       _____        ______            ______
                                                                       150.1         151.4             295.0
                                                                       _____        ______            ______

Notes to the interim report

1.  The interim dividend of 4.02p will be paid on 5 January 2004 to
    shareholders registered on 5 December 2003.

2.  The interim financial information has been prepared on the basis of the
    accounting policies set out in the Group's 2002 statutory accounts.

3.  The financial information for the year ended 31 December 2002 is
    abridged.  Full accounts for that year, on which the Auditors of the 
    Company made an unqualified report, have been delivered to the Registrar of 

4.  This statement has been sent to all shareholders and can be obtained by
    the public from the Company's registered office, Cowick Hall, Snaith, Goole,
    East Yorkshire DN14 9AA.

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                      

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