11th Mar 2025 14:25
(Alliance News) - Synthomer PLC on Tuesday said its loss narrowed during 2024, as it sees growth within its Adhesive Solutions and Health & Protection & Performance Materials businesses.
The London-based developer of highly specialised polymers said its pretax loss narrowed to GBP85.5 million during 2024 from GBP110.9 million in 2023, as revenue rose 2.6% to GBP1.99 billion from GBP1.94 billion.
This was particularly driven by its Adhesive Solutions arm, which saw revenue growth of 54% to GBP47.9 million from GBP31.2 million, as well as its Health & Protection & Performance Materials division, which saw revenue improve 39% to GBP36.5 million from GBP26.3 million.
Its Coatings & Construction Solutions arm, on the other hand, declined 14% to GBP85.9 million from GBP100.1 million.
Shares in Synthomer were down 1.7% at 136.30 on Tuesday afternoon in London, though they reached a low of 126.50p in the morning.
"We are pleased to report 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 Chief Executive Officer Michael Willome.
"Although overall demand in our end markets is recovering only slowly at this stage and the global economy faces a high degree of macroeconomic and political uncertainty, our strategic transformation continues to enhance our ability to convert increasing volumes into substantially greater profitability and returns.
"In the meantime, we have a stable balance sheet and expect deleveraging from further self-help in the current year. Our direction remains clear: 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 in the medium to long term."
By Emily Parsons, Alliance News reporter
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