Robust Synthomer ‘helping itself’ to further gains in 2025

London – Synthomer has reported 2024 results in line with expectations, with “robust” revenue and earnings (EBITDA) and overall volumes up 8.4% year-on-year.

Activity levels and capacity utilisation are “improving, but still significantly below pre-pandemic levels,” said the London-based polymers maker in reporting sales up 5.1% year-on-year in constant currency, to £1,987 million (€2,363 million).

Revenue development included pass-through of lower raw material prices, while rationalisation measures pushed EBITDA to £147 million, 9.2% above the 2023 level, noted the 11 March announcement. 

Synthomer‘s  ‘adhesive solutions’ business “regained share in flat markets via reliability and performance improvement programme,” while ‘health & protection and performance materials’ benefitted from improving demand for nitrile latex for gloves.

Elsewhere, the group reported a “mixed performance” at its ‘coatings & construction solutions’ unit, with “coatings share gains and stable consumer offset by poor construction activity, delayed energy orders and a significant share of higher operating costs.”

Earnings gains of around £26 million were linked to ‘self-help’ benefits, though the improvement was partially offset by “wage inflation and bonus normalisation.”

Restructuring moves have included reducing the number of manufacturing sites from 43 to 31, a compounds divestment last April, and on-going divestment projects at non-core assets.

Synthomer delivered “robust financial and strategic progress in 2024, with growth in profitability driven by our self-help cost and reliability programmes and our strategic repositioning continuing to build momentum,” said CEO Michael Willome.

Amid a slow recovery in overall demand and an uncertain global economy, Synthomer aims to deliver enhanced profitability during 2025 − expecting ‘self-help’ and strategic moves to deliver gains of between £25 million and £30 million this year.

“Further specialisation is at the heart of our strategy, because speciality products with differentiated benefits for end-users will be the greatest drivers of improved returns for our business" concluded Willome.