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Synthomer hits record revenues thanks to acquisitions
Chemicals business Synthomer said full year underlying profit before tax increased to £130m from £122.2m after hitting record revenues.
Neil Johnson, chairman, said the results reflected the benefits of recent bolt-on acquisitions made in 2016 and 2017 and continued organic growth in the company's Europe and North America segment.
"This progress has more than offset the expected impact of lower Nitrile latex margins in our Asia and rest of world segment," he said.
Revenues increased by 42% to £1.48bn, assisted by higher average raw material prices and foreign exchange tailwinds.
"Looking forward, whilst acknowledging the ongoing challenges in our Nitrile latex and constructions and coatings dispersions markets, we are confident of making further solid progress in 2018, underpinned by underlying growth in both segments, and from integrating our recent acquisitions," Johnson said.
"With our significant organic investment in new capacity being commissioned in late 2018, we remain confident in continuing to deliver growth in profitability and driving further value for shareholders in future years."