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Synthomer posts jump in interim profits, CFO to step down
5th Aug 2021 08:55
(Sharecast News) - Polymers supplier Synthomer posted a jump in interim profit and revenue on Thursday amid strong growth across its divisions, as it announced that Steve Bennett would like to stand down as chief financial officer "in due course".
In the six months to 30 June, pre-tax profit surged 392% to £272.4m, with revenue up 73% to £1.2bn.. There was a threefold increase in group earnings before interest, tax, depreciation and amortisation to £322.7m.
Synthomer said growth across its divisions had been well ahead of the first half of 2020 and 2019. It also hailed "exceptional" growth in nitrile butadiene rubber (NBR), reflecting Covid-19 related demand.
Chair Caroline Johnstone said: "This is an outstanding first half result, driven by both organic and inorganic investments, strategic initiatives as well as a significant improvement in demand versus H1 2020.
"All divisions have performed strongly, reporting results that are well ahead of H1 2019, with additional benefits coming from OMNOVA and an especially strong performance from our nitrile latex business."
The results came alongside news that CFO Bennett is planning to step down. Synthomer said he has a 12-month notice period and has agreed to remain in his role until a successor is appointed.
Johnstone said: "On behalf of the board, I would like to thank Steve for the enormous contribution that he has made to Synthomer over the last seven years. Together with the wider management team, he has helped to deliver significant growth and strategic change during his tenure.
"As a result of his initiatives, Synthomer has a highly capable finance function together with a strong financial position from which it can continue to pursue its growth strategy."
In the six months to 30 June, pre-tax profit surged 392% to £272.4m, with revenue up 73% to £1.2bn.. There was a threefold increase in group earnings before interest, tax, depreciation and amortisation to £322.7m.
Synthomer said growth across its divisions had been well ahead of the first half of 2020 and 2019. It also hailed "exceptional" growth in nitrile butadiene rubber (NBR), reflecting Covid-19 related demand.
Chair Caroline Johnstone said: "This is an outstanding first half result, driven by both organic and inorganic investments, strategic initiatives as well as a significant improvement in demand versus H1 2020.
"All divisions have performed strongly, reporting results that are well ahead of H1 2019, with additional benefits coming from OMNOVA and an especially strong performance from our nitrile latex business."
The results came alongside news that CFO Bennett is planning to step down. Synthomer said he has a 12-month notice period and has agreed to remain in his role until a successor is appointed.
Johnstone said: "On behalf of the board, I would like to thank Steve for the enormous contribution that he has made to Synthomer over the last seven years. Together with the wider management team, he has helped to deliver significant growth and strategic change during his tenure.
"As a result of his initiatives, Synthomer has a highly capable finance function together with a strong financial position from which it can continue to pursue its growth strategy."