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Trading statements

Synthomer sees FY pretax profit at about £120m

20 January 2017 07:15

Synthomer said it sees its FY 2016 pretax profit will be about £120m, and said in 2017 it expects to see resilient trading in Europe although the raw material and macroeconomic environments remain volatile.

In FY 2015, the company posted a pretax profit of £72.5m, according to London Stock Exchange's website.

The company said that due a stronger trading performance in Europe and a slower evolution of the Asian Nitrile dynamics during Q4, it now expects its FY 2016 performance on an underlying constant-currency basis to be ahead of the top end of current market expectations.

FY 2016 markets views were for a pretax profit of between £92.0m and £103.9m, with consensus at £98.3m.

"In addition, the group will also benefit from the translation effect related to the ongoing weakness of sterling," it said in a trading statement for the 12 months to Dec. 31, 2016.

"Average year-to-date forex rates were €1.22 and $1.35, and are expected to provide a translational benefit of approximately £12m for the full year," the company added.

"In reported currency, taking into account both these factors, the Board now anticipates that FY 2016 profit before tax will be approximately £120m."

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