Synthomer trading in line, reaffirms full year expectations
Specialty chemicals company Synthomer reaffirmed its full-year view on Thursday as it said the business continues to trade in line with expectations.
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In a trading update for the first quarter to the end of March, the FTSE 250 company said the Europe and North America segment performed better than the strong first quarter of last year.
Whilse overall volumes were slightly lower, reflecting the reduction in paper volumes, unit margins were ahead of unit margins in the same period a year ago, with both periods experiencing some modest margin benefit from declining raw material prices.
A stronger euro versus the pound also boosted the underlying result.
In Asia and Rest of the World, the business traded better than in the first quarter of last year, with higher volumes and unit margins underpinned by continued growth in the Asian nitrile business.
Net debt fell to £62.2m as at 31 March compared from £77.4m.
At 0910 BST, Synthomer shares were down 0.4% to 353.50p.