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Interim Results

Synthomer profit grows by 10.8%

08 August 2017 08:44

Chemicals company Synthomer (SYNT) grew underlying profit before tax by 17.4%, or 10.8% on a constant currency basis, to £71.6m in the first half.

Revenue grew by 64.8% on a constant currency basis to £770.3 million.

There was strong volume growth of 30.8% in Europe and North America, but Asia and Rest of World fell 28.5%.

Underlying earnings per share grew 21.7% to 16.8p per share.

The interim dividend was increased by 5.7% to 3.7p.

Neil Johnson, chairman, said: "The positive impact of the 'bolt-on' acquisitions, Europe and North America continuing to grow in line with GDP and positive currency translation more than offset the anticipated margin pressure in the Nitrile Latex market in Asia and Rest of the World, leading to a 17.4% increase in underlying profit before tax.

"Looking ahead, we continue to focus on driving sustainable growth, through capital investment projects, R&D and business efficiency programmes. We also continue to evaluate acquisition opportunities and will remain highly disciplined in our selection criteria. Accepting the second half seasonality inherent in our markets, and in the absence of any currency benefit in the second half, the board's expectations for the full year remain unchanged."

At 8:44am: (LON:SYNT) Synthomer share price was +9.1p at 502p

Story provided by StockMarketWire.com

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