Croda International Plc (CRDA.L), a British specialty chemicals company, on Tuesday reported a decline in earnings for the full year, mainly due to a fall in sales, amidst weak macroeconomic conditions and continued customer destocking.
For the 12 months, the Group posted a pre-tax income of 236.3 million pounds, compared with 780 million pounds, recorded for the same period of the previous year.
Adjusted pre-tax income moved down to 308.8 million pounds from last year's 496.1 million pounds.
After-tax, profit stood at 172.1 million pounds or 122.3 pence per share as against last year's 653.3 million pounds or 464.8 pence per share.
Excluding items, post-tax income was 235.1 million pounds or 167.4 pence per share, down from 383.2 million pounds or 271.4 pence per share a year ago.
Operating income was at 247.5 million pounds, compared with 444.7 million pounds a year ago.
Excluding items, operating earnings were at 320 million pounds as against 515.1 million pounds in 2022.
EBITDA was at 409.5 million pounds, lesser than last year's 601.5 million pounds.
Revenue was 1.694 billion pounds, down from the previous year's 2.089 billion pounds.
The Board will pay a final dividend of 62 pence per share, which is to be paid on May 29 to shareholders on the register as of April 19.
With this, the company will pay a total annual dividend of 109 pence per share, higher than last year's 108 pence per share.
Looking ahead, for the full year, the Group expects adjusted profit before tax of 260 million pounds to 300 million pounds.
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