Synthomer makes headway in “decidedly mixed” conditions

London – Overall trading in the third quarter of 2024 was “broadly in line” expectations amid mixed demand trends, Synthomer plc has reported.

Volumes continued to improve from historically low levels, although at a slower rate than during the first six months of the year, said the London-based group.

Gains were led by Synthomer’s adhesive solutions (AS) and health & protection and performance materials (HPPM) divisions.

These units “recovered some of the substantial declines experienced in the prior year,” while at the coatings & construction solutions (CCS) division volumes were more stable.

Third quarter earnings (EBITDA) also exceeded the prior-year level on cost-savings, enhanced reliability and higher capacity utilisation, partly offset by operating cost increases.

"Despite decidedly mixed demand conditions in our end markets during the third quarter, we remain on track to deliver underlying earnings progress going forward,” said Synthomer CEO Michael Willome.

With 2023 sales of £2.0 billion (€2.4 billion), Synthomer employs around 4,200 people across five innovation centres and more than 30 manufacturing sites across Europe, North America, Middle East and Asia.