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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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