Croda cuts its UK profit and sees its shares fall by 11.5%.

Croda sees its shares plunge in the UK. The supplier of beauty ingredients and speciality chemicals, which supplies big names such as Estée Lauder, cut its annual profit outlook on Monday.As explained by the Reuters news agency, Croda blames the fall on lower demand and that it has led to a reduction in stocks in the North American market. The UK company's shares fell 11.5%, their lowest level since April 2020, at the height of the pandemic.Croda also blames this hit on inflation and reduced consumer spending on non-essential items. Reuters reports that the UK company's figure will now be 320 million pounds, although the company's previous expectation was for a figure of between 370 million and 400 million pounds. Third quarter turnover in its personal care and beauty business was lower than expected in July and August. The company had already implemented some cost-cutting measures in June, including optimising production through plant closures and reducing staff shifts.