(Alliance News) - Synthomer PLC on Tuesday said its trading for the 2024 has been in line with expectations as it expressed confidence in achieving further earnings progress in 2025.
The London-based developer of highly specialised polymers said it expects to deliver revenue of approximately GBP2.0 billion for 2024, "in line with expectations". This compares with GBP1.94 billion achieved the year before.
Shares in Sythomer closed up 5.6% at 158.00 pence on Tuesday in London.
Earnings before interest, tax, depreciation and amortisation are also expected to grow, to the range of GBP145 million and GBP148 million, from GBP137.4 million achieved the prior year.
The firm said continuing group volume improved further in its second-half, but at a slower rate than the first, reflecting mixed end market demand trends.
It noted that strong exit margins in 2024 in its speciality business, combined with volume improvement in Health & Protection and its operational and strategic progress, give it confidence in delivering further earnings progress in 2025.
Synthomer Chief Executive Michael Willome said: "We are pleased to report robust underlying earnings progress in 2024, even with the additional operating investments we have made in our people and our assets.
"Given the lack of any meaningful recovery in end-market demand during the year, this was achieved through our focus on delivering our multi-year self-help programmes, alongside continuing to strategically reposition Synthomer to achieve our medium-term growth, margin and returns ambitions as end-market demand starts to improve."
By Christopher Ward, Alliance News reporter
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Synthomer (SYNT)
