Synthomer PLC - Essex, England-based chemicals manufacturer - Says trading during first third of 2023 was "broadly consistent" with expectations due to challenging macroeconomic environment. Trading "modestly improved" in Coatings and Constructions Solutions division, offsetting unspecified "challenges" in Adhesive Solutions division. Reaffirms expectation that low nitrile butadiene rubber production levels in Heath & Protection and Performance Materials division, caused by period of destocking, will not improve before the end of 2023. Had said in March that destocking and deteriorating macroeconomic climate "significantly affected" 2022 results and cut costs in response.
Synthomer says: "We continue to execute against our refreshed strategy, with a focus on the operational, cost and working capital management actions which we expect to underpin progress in the second half of 2023, supplemented by the anticipated start of an improvement in market conditions, although visibility of this is currently limited."
Non-Executive Director Brendan Connolly also retires with immediate affect at annual general meeting on Tuesday. He is succeeded by Ian Tyler as senior independent director.
Current stock price: 110.78 pence, down 1.2% on Tuesday in London
12-month change: down 64%
By Emma Curzon, Alliance News reporter
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Synthomer (SYNT)