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Clariant: sales and profit up 10%; backs 2017 outlook.

(CercleFinance.com) - Swiss specialty chemicals group Clariant reported 10% growth in both sales and profitability over the first nine months of 2017, adding that it was "well on track" to achieve its annual targets.

The Basel-based company said nine month sales amounted to 4.7 billion Swiss francs, compared to 4.3 billion Swiss francs in the same period of 2016.

This corresponds to a 10% growth in local currency, driven by organic sales, which rose 6% in local currency, with higher volumes.

The group's EBITDA before extraordinary items rose 10% to 717 million Swiss francs, compared to 652 million Swiss francs in the previous year.

Regarding 2017, Clariant said it was confident that it would be able to achieve growth in local currency, as well as improvements in its operating cash flow, absolute EBITDA and EBITDA margin before extraordinary items.

The firm - which abandoned its merger with US rival Huntsman last week - also said it planned to build a new "flagship" plant in Romania for the production of cellulosic ethanol from agricultural residues.

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