9th May 2024 17:22
(Alliance News) - Synthomer PLC on Thursday said trading in the first quarter of 2024 was in line with its expectations at the start of the year.
The chemicals manufacturer said continuing group volumes were at their highest levels since the second quarter of 2022, while continuing group earnings before interest, tax, depreciation and amortisation was higher than a year earlier, benefitting from "continued robust pricing particularly in our speciality businesses, ongoing cost reduction activities and lower energy costs".
Continuing group revenue was lower on-year due to lower raw materials prices.
Chief Executive Officer Michael Willome said: "We are cautiously encouraged by trading since the start of the year: while there are signs of improvement in some of our end markets, visibility of a sustained recovery remains elusive at this stage.
"We therefore continue to strengthen Synthomer's position for the future, by delivering our specialisation strategy, optimising our portfolio and cost position, and demonstrating the cash generative nature of our business."
Following its annual general meeting, which took place on Thursday, the company reported that a motion on approval of remuneration report was opposed by 45%. It said it was committed to "constructive and open dialogue" with shareholders.
Shares in Synthomer were up 2.8% at 285.20 pence each in London on Thursday afternoon.
By Sabrina Penty, Alliance News reporter
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