Synthomer PLC - Essex-based chemicals maker - Says it had an ‘encouraging’ start to the year with a robust performance from all of its businesses, aside from Performance Elastomers. Explains that margins and volumes in the Nitrile Butadiene Rubber unit of its Performance Elastomers business are still ‘stabilising,’ in line with its expectations, following high inventory levels of medical gloves and reduced demand for these due to the easing of the Covid-19 pandemic. Says its outlook for the year remains unchanged.
‘Whilst macroeconomic conditions remain uncertain, we are encouraged by the underlying trading conditions and a strong first quarter performance with continued margin growth reflecting our ability to successfully manage the inflationary environment,’ company says.
Current stock price: 301.43 pence, up 5.4%
12-month change: down 40%
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