Croda International has posted a 5% jump in Q3 sales to £407m as the firm maintained its profit outlook for the full year.

The speciality chemicals company also revealed that sales climbed by 8% in constant currency in the three months to the end of September.

As a result, Croda’s adjusted profit before tax (PBT) range is still in the £260m to £280m bracket at constant currency, in line with expectations. The firm said it had benefitted from “more stable volume demand in key markets”, as well as continuing cost control actions.

In its latest trading update, Croda also confirmed that it has also recently successfully refinanced a revolving credit facility, with a new five-year £630m multi-currency agreement.

Croda CEO, Steve Foots, said: “Our third quarter sales performance reflects ongoing momentum in our fragrances and flavours business within consumer care and improved sales in our agriculture businesses in life sciences.

“Whilst we are benefitting from more stable customer inventories and demand in key markets and geographies, the overall trading environment remains challenging. We continue to focus on strengthening the group through delivering our strategy combined with tight cost control and capital discipline.”

Commenting on the FTSE 100’s response to Croda’s update, AJ Bell investment director Russ Mould, added: “Croda topped the UK’s flagship index. The shares have had a tough year so the third quarter sales growth and retained profit guidance contained in its latest update were well received by relieved investors.”

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