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Synthomer shares rise as third quarter as expected

ALN

Synthomer PLC on Thursday said its third quarter was in line with expectations, noting that continuing group volumes continued to improve from historically low levels.

The London-based developer of highly specialised polymers said continuing earnings before interest, tax, depreciation and amortisation were also higher than a year ago.

‘We expect to make some earnings progress (on a continuing Group basis adjusting for the divested Compounds business), and to be modestly free cash flow positive in 2024, despite the absence of a broad-based macroeconomic demand improvement,’ Synthomer said.

Chief Executive Officer Michael Willome said: ‘Despite decidedly mixed demand conditions in our end markets during the third quarter, we remain on track to deliver underlying earnings progress going forward, driven mainly by our multi-year self-help programmes. We continue to strategically reposition the business to deliver our medium-term ambitions by focusing on our core businesses, enhancing our operating leverage and relentlessly allocating our capital and other resources towards optimum value creation.’

Synthomer shares rose 5.7% to 182.60 pence each on Thursday at midday in London.

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