Croda International shares were down heavily on Friday after the speciality biotechnology company said sales volumes were down double digits in early 2023 compared to the same period last year.
Croda shares were down 14% at the time of writing.
Croda International provides speciality ingredients with various end uses, including crop enhancement and pharmaceuticals.
Sales were hit by destocking by customers. Croda had originally predicted destocking would occur later in the year, but they said customers had conducted rapid destocking earlier than thought.
Favourable FX rates have helped offset lower volumes, and the company recorded revenue for the first five months of the year broadly in line with the same period last year.
Croad said they expect profit before tax for the 2023 full year to be between £370m and £400m – significantly lower than 2022.