6th Nov 2015 07:52
LONDON (Alliance News) - Synthomer PLC on Friday said it has continued to make progress in line with its expectations in 2015 and said it remains focused on cost controls and improving margins.
The FTSE 250-listed specialty chemicals company, which suppliers polymers used in coatings, textiles, paper and latex gloves, said its Europe and North America business performed in line with first half trends in the third quarter to the end of September. Quarterly volumes were lower due to weakness in its paper business, but it made improvements in coatings and functional polymers.
Raw material price falls also helped to deliver modest unit margin improvements in the third quarter, both year-on-year and against the second quarter.
Asia and the Rest of the World trading continued to be positive in the third quarter, Synthomer said, with volumes and unit margins improved against the second quarter.
Synthomer said its expectations for 2015 are unchanged and that improvements in margins and tight cost controls will continue to drive its performance in Europe and North America. In Asia and the Rest of the World, Synthomer said its plans to increase nitrile production in the second half of 2016 will hit the supply-demand dynamics of that market and will leave volumes and margins broadly flat year-on-year.
By Sam Unsted; [email protected]; @SamUAtAlliance
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