Synthomer PLC Q1 Trading update (4734D)
April 27 2017 - 2:01AM
UK Regulatory
TIDMSYNT
RNS Number : 4734D
Synthomer PLC
27 April 2017
April 27(th) 2017
Synthomer plc
Q1 Trading update
Progress in Q1, in line with expectations; 2017 outlook
reaffirmed
Synthomer plc ('Synthomer' or 'the Group') today issues a
trading update for the first quarter ended March 31(st) , 2017.
Trading
Europe and North America
The Europe and North America segment delivered a solid
performance with results ahead of Q1 2016 reflecting the
acquisitions of both PAC and Perstorp Oxo Belgium, and robust
trading in the heritage business. Substantially higher volumes
predominantly reflected the positive impact of PAC following its
full integration into the business. Unit margins were also up on
2016, in line with expectations. Whilst raw material prices have
been volatile, we continued to effectively manage these movements
and remain confident of being able to do so going forward.
Asia and Rest of World
Overall performance of the Asia and Rest of World segment was in
line with our expectations. Nitrile margins remained stable
relative to Q4 2016, albeit lower than the strong comparative Q1
2016 as expected. Volumes were lower than the comparative period
reflecting the sale of our South African business in August 2016,
and some short term destocking in March following continued raw
material price volatility. The underlying trends remain unchanged
from our 2016 FY results in March.
Financial Position
Net debt increased from GBP150 million at the year end to
GBP257m at 31 March 2017. This was due to the acquisition of
Perstorp Oxo Belgium for EUR78m (GBP65m) in March with the balance
accounted for by working capital in a volatile but net rising raw
material price environment.
2017 outlook reaffirmed
Overall, the Group continues to trade in line with the Board's
expectations, and accordingly the view for Full Year 2017 remains
unchanged.
-ENDS-
Enquiries:
Calum MacLean, Chief Executive Officer +44 1279 436 211
Stephen Bennett, Chief Financial Officer
Charles Armitstead, Teneo Blue Rubicon +44 203 603 5220
The Company will hold a conference call for investors and
analysts at 0800 BST today.
Please dial + 44 808 237 0030 entering conference ID: 70430346#
to gain access to the call.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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