19th Jul 2021 08:44
(Alliance News) - Synthomer PLC on Monday boosted its 2021 earnings guidance following good trading momentum in the first half.
The Essex-based chemicals company said it has continued to see strong trading momentum across the business with volumes and unit margins ahead of a year ago in all divisions. The Nitrile latex business has been performing well, it added, driven by "exceptional demand" due to the pandemic.
As a result, Synthomer now expects 2021 earnings before interest, tax, depreciation and amortisation in excess of GBP500 million, compared to its previous guidance of above GBP450 million. In 2020, the company recorded Ebitda of GBP259.4 million.
The company expects first half Ebitda to be approximately GBP320 million, multiplied from GBP100.2 million in the prior year.
"Synthomer continues to expect that the Nitrile latex business will return to more normalised levels during 2022," it added.
Shares in Synthomer were down 0.8% at 498.70 pence each in London on Monday morning.
By Amrit Sahota; [email protected]
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