A capital markets day held in the Netherlands yesterday offered investors their latest chance to look under the hood of Croda. The Yorkshire-based speciality chemicals maker is a bit of a hidden secret, as much as a business with a £6 billion market capitalisation and a place in the FTSE 100 can be considered hidden.
Engaged in the relatively unglamorous work of making the chemicals used in products from cosmetics to dietary supplements, Croda has been growing quietly, frequently through acquisitions, while keeping up its margins.
In the past five years, it has bought several businesses, including four technology acquisitions or co-investments in the 12 months to January. Despite this stream of dealmaking, group margins have ranged between a healthy 27 per cent and 30