Trading update

RNS Number : 3152C

Synthomer PLC

16 January 2015

 



16 January 2015

Trading update

Synthomer plc ("Synthomer" or "the Group") today issues a trading update for the year ended 31 December 2014.

Trading and profitability has been in line with the Board's expectations at the time of the Interim Management Statement ('IMS') on 28 October 2014.

As anticipated, demand through November and December was weaker than the prior year in Europe due to an earlier than usual slowdown in end of year trading.  Unit margins improved over these months as raw material prices declined.

In Asia, unit margins in nitrile continued to improve, with increased demand in the fourth quarter, helped by the success of new product launches. These new products are a result of the Group's ongoing investment in R&D and have faster manufacturing times which will create up to 50 ktes of additional nitrile capacity with some modest additional capital investment.

Accordingly, the Board now expects full year profit before tax to be in the middle of the current consensus range*.

The Group will announce preliminary results on February 27^th 2015.

* Company compiled 2014 consensus PBT range: £80.9m to £87.3m

Enquiries:

Adrian Whitfield, Chief Executive Officer	Charles Armitstead / Rebecca Hall
David Blackwood, Chief Financial Officer	Pendomer Communications
Tel: [phone]	Tel: [phone]

 

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