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50GP - Croda International News Story

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British chemicals firm Croda stockpiling, reviewing ports ahead of Brexit

Tue 26th February, 2019 8:20am
Feb 26 (Reuters) - Speciality chemicals maker Croda
International Plc  CRDA.L  said on Tuesday it had made changes
to its trading model in Europe and was stockpiling goods in
continental Europe as it prepares for Britain's impending exit
from the European Union.
     The company — which counts Unilever Plc  ULVR.L , Procter &
Gamble Co  PG.N , L'Oreal SA  OREP.PA  as customers — also
reported pretax profit for the full year that missed estimates.
    Croda's shares were down 3.8 percent to 4,870 pence at 0817
GMT and were among the top losers on the UK bluechip index
 .FTSE .
    The company — which logs 96 percent of sales and 80 percent
of production outside the UK — said it was reviewing which ports
could be used for moving its products and has full EU
recognition for the imports and exports.*:nRSZ0709Ra
    Croda also said it was re-registering UK products sold in
the EU to ensure compliance, mainly with the EU's Reach
programme, which requires companies to register the substances
used in production.
    Reach registrations in the UK may no longer be valid for
sale of products in the EU, although the UK government has
confirmed that EU-held Reach registrations will continue to be
valid in the short term for products coming to the UK.
    Britain is due to leave the EU on March 29 and Prime
Minister Theresa May is yet to secure parliamentary approval for
a divorce deal agreed with the EU last year, increasing the
chances of a disorderly exit from the bloc.
    Croda, which announced a special dividend of 115 pence per
share, on Tuesday said an orderly transition of the UK out of
the EU is expected to be manageable for the company.
    Adjusted profit before tax rose 3.5 percent to 331.85
million pounds  ($436.28 million), but missed analysts average
estimate of 332.84 million pounds, according Refinitiv IBES.    

 ($1 = 0.7606 pounds)

 (Reporting by Karina Dsouza in Bengaluru; Editing by Shounak
 ((; within U.S. +1 646 223
8780, outside U.S. +91 80 6749 6373; Reuters Messaging: Reuters
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