(Alliance News) - Synthomer PLC on Tuesday reported a rise in annual revenue as it expects earnings to be in line with expectations.
The Essex, England-based chemicals company reported 2022 revenue of GBP2.6 billion, compared to GBP2.33 billion of revenue in 2021.
It said it expects underlying earnings before interest, tax, depreciation and amortisation in the range of GBP262 million and GBP268 million. This is in line with company's expectations of GBP268 million.
Synthomer emphasised the deterioration in macroeconomic conditions through the second half of 2022, which reduced its construction and coatings end markets.
As at December 31, net debt was just over GBP1.0 billion.
Looking ahead, Synthomer said it is making "good progress" on its plan to deliver cash savings of between GBP150 million and GBP200 million by the of end 2023 from strategic initiatives and operational actions to reduce costs, capital expenditure and working capital.
Synthomer will report its full-year results on March 28.
Back in August, Synthomer had reported a 55% fall in pretax profit in the first half of 2022 to GBP115.5 million from GBP254.4 million a year before. This was despite growth in revenue, which was 8.5% higher at GBP1.22 billion compared to GBP1.23 billion.
Shares were down 4.0% at 147.84 pence each on Tuesday morning in London.
By Xindi Wei, Alliance News reporter
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Synthomer (SYNT)