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Synthomer PLC on Tuesday expects to report lower revenue and earnings before interest, tax, depreciation and amortisation for the first half of the year but maintains a hopeful outlook. The Essex, England-based chemicals manufacturer said in the first six months of the year, its revenue was £1.1 billion, down 17% from £1.33 billion a year prior. Ebitda is expected to be in the range of £72 million and GPB74 million, falling from £173.1 million the year before. The company noted that ‘robust pricing’ and a strong focus on margins helped it mitigate ‘substantially lower volumes.’ Net debt at June 30 was around £795 million. Looking ahead, Synthomer said it does not anticipate material recovery in customer demand before the end of the year, but is confident of making sequential progress in the second half of the year. The company will report half year results on September 7. Shares in Synthomer were down 2.0% at 78.40 pence each in London on Tuesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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