Neville Prior

Synthomer Now Sees FY Pre-tax Profit In Middle Of Consensus Range

Neville Prior  20 January 2015 03:44:15 PM
Image:Synthomer Now Sees FY Pre-tax Profit In Middle Of Consensus Range
Specialty chemicals company Synthomer Plc. said in a trading update for the year ended December 31, 2014, that trading and profitability have been in line with the Board's expectations at the time of the Interim Management Statement on October 28, 2014. As expected, demand through November and December was weaker than the prior year in Europe due to an earlier than usual slowdown in end of year trading. Unit margins improved over these months as raw material prices declined. In Asia, unit margins in nitrile continued to improve, with increased demand in the fourth quarter, helped by the success of new product launches. These new products are a result of the Group's ongoing investment in R&D and have faster manufacturing times which will create up to 50 ktes of additional nitrile capacity with some modest additional capital investment. Accordingly, the Board now expects full-year profit before tax to be in the middle of the current consensus range. In October 2014, the firm had said that it expected annual pre-tax profit to be slightly lower than current consensus.
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