Synthomer signals “robust progress” in 2024

London – Synthomer plc expects to deliver year-on-year growth in both sales and earnings for 2024, the London-based polymers group said in a 28 Jan trading update.

Full-year sales are expected to come in at around £2.0 billion, up from £1,940.6 million, while earnings (EBITDA) are set to range between £145-148 million, substantially exceeding the prior-year £137.4 million.

“Continuing group volume improved further in the second half, albeit at a slower rate than in the first half, reflecting mixed end-market demand trends over the period,” reported Synthomer.

Volume growth in improved in the final quarter versus quarter 3, led by the nitrile latex for gloves business in the ‘health & protection and performance materials’ division and the ‘coatings & construction solutions’ division.

Synthomer also noted a strong gross margin performance in the fourth quarter, partly reflecting progress on its multi-year cost-saving and reliability improvement programmes.

Other factors included “strategic re-allocation of our capital and other resources towards the higher margin, more resilient speciality solutions within our portfolio.”

Synthomer achieved “robust underlying earnings progress in 2024, even with the additional operating investments we have made in our people and our assets,” commented CEO Michael Willome.

“Given the lack of any meaningful recovery in end-market demand during the year, this was achieved through our focus on delivering our multi-year self-help programmes, alongside continuing to strategically reposition Synthomer…" he added.

With manufacturing and other facilities across Europe, North America and Asia, Synthomer is a global supplier of high-performance, specialised polymers and ingredients to sectors such as coatings, construction, adhesives, and health and protection.