UK's Croda trims upper end of annual profit forecast
Adds shares in paragraph 1 & 3, details on results throughout
July 30 (Reuters) -British chemicals group Croda International CRDA.L trimmed its annual profit expectations on Tuesday, hit by destocking and weak demand in its life sciences unit, sending shares down nearly 6%.
The company's life sciences unit houses segments such as crop protection and consumer health, which makes ingredients for over-the-counter medicines.
Shares in the FTSE 100 firm hit their lowest level since March 2020.
Barclays analysts earlier this month warned of problems for Croda, as extreme weather conditions disturb demand for crop-related chemicals.
However, Croda, which also supplies chemicals to makeup giant Estee Lauder EL.N, said its largest business, Consumer Care was benefiting from improved demand.
The company forecast adjusted profit before tax 260 million pounds ($334.1 million) and 280 million pounds for 2024, in line with market expectations, trimming the top end of its forecast down from 300 million pounds.
The firm had previously warned on its annual profits in February due to weakness in the crop business.
($1 = 0.7783 pounds)
Reporting by Prerna Bedi in Bengaluru; Editing by Varun H K
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