Synthomer Regulatory News (SYNT)

Synthomer plcAGM trading update

Synthomer plc ('Synthomer' or the 'Group') provides an update on trading ahead of the 2023 Annual General Meeting ('AGM'), which is being held this morning. Results of voting at the AGM will be announced later today.

Trading during the first four months of 2023 has been broadly consistent with the Board's expectations, reflecting the continued challenging macroeconomic conditions described in our announcement of full year 2022 results at the end of March. Recent trading has modestly improved in our Coatings & Construction Solutions (CCS) division, largely offsetting continued challenges in Adhesive Solutions (AS). As previously indicated, we do not expect the unprecedented period of medical glove destocking, and hence low nitrile butadiene rubber production levels in our Heath & Protection and Performance Materials (HPPM) division, to abate before the end of 2023. 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.

Brendan Connolly will retire from the Board at the end of today's AGM, as previously announced, having served a nine-year term as a Non-Executive Director of the Group. He is succeeded by Ian Tyler as Senior Independent Director, and by Holly Van Deursen as Chair of the Remuneration Committee, with immediate effect.

Caroline Johnstone, Chair of Synthomer, commented "On behalf of the Board, I would like to thank Brendan for his considerable contribution to Synthomer over the last nine years and, in particular, for his careful and skilled leadership of the Remuneration Committee. We wish him well for the future."

Further information:

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Legal Entity Identifier (LEI): 213800EHT3TI1KPQQJ56. Classification as per DTR 6 Annex 1R: 3.1.

Synthomer plc is a leading supplier of high-performance, specialty polymers and ingredients for coatings, construction, adhesives, and healthcare end markets. Headquartered in London, UK and listed there since 1971, we employ around 4,400 employees across nearly 40 locations across Europe, USA and Asia. With more than 6,000 customers and £2.4bn in continuing revenue in 2022, our three divisions are aligned to our end markets which play an important role in global megatrends including urbanisation, climate change, and economic and demographic shifts. In Coatings & Construction Solutions, our tailored solutions enhance the sustainability and performance of a range of products such as architectural and masonry coatings, mortar modification, fibre bonding, waterproofing and flooring, while our energy solutions promote drilling stability in the challenging operating environments of the oil and gas industry. Adhesive Solutions is a leading supplier of products that bond, modify and compatibilise surfaces and components for a range of end markets including tapes and labels, packaging, hygiene, tyres and plastics. In Health & Protection and Performance Materials we are a world-leading supplier of water-based polymers for medical gloves and a major European manufacturer of high-performance binders, foams and other products for a range of niche applications. Our purpose is creating innovative and sustainable polymer solutions for the benefit of customers and society. Around 20% of our sales volumes are from new and patent protected products. At our innovation hubs in the UK, Germany, Malaysia and Ohio, USA we collaborate closely with our customers to develop chemical formulations tailored to their needs while also minimising environmental impact. We are working to embed sustainability in everything we do; we have reduced our scope 1 and 2 carbon footprint by one third since 2019, and have been recognised for our sustainability progress by a number of authorities. Since 2021 we have held the London Stock Exchange Green Economy Mark, which recognises green technology businesses making a significant contribution to a more sustainable, low-carbon economy. Find us at www.synthomer.com, @Synthomer_Group on Twitter or search for Synthomer on LinkedIn.