Croda's annual profit was hurt by a hit to demand as the trade war between Beijing and Washington persisted and China attempted to modernise "surrogate sales" in what its top boss called the harshest trading environment in a decade.
The chemicals group, which makes ingredients for cosmetics companies, also warned of disruption to customer and consumer demand from the coronavirus outbreak in China after it reopened sales offices and two production units with more limited operations than usual.
Croda's shares were 2.8% lower at 4,782 pence at the bottom of London's bluechip index. The virus emerged in China and is now spreading in Europe and the Middle East, with companies facing billion of dollars in losses.
Croda buys wool grease or lanolin - a wax used in topical creams - from China, but Chief Executive Officer Steve Foots said Croda also buys wool grease from other countries.
"The bigger issues is around the supply chain into our customer's factories," Foots said, adding that the company was talking to is customers and their suppliers. French cosmetics company L'Oreal, a Croda customer, said this month that the spread of the virus would have an impact on demand in the coming weeks.
Foots, however, said there were encouraging signs, with the movement of product mobilising within China, people going back to work and shipping channels reopening.
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