REG - Synthomer PLC - AGM trading update

SynthomerAnnouncement

16/05/2023 07:00

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RNS Number : 4847Z  Synthomer PLC  16 May 2023

Synthomer plc

AGM trading update

 

Synthomer plc ('Synthomer' or the 'Group') provides an update on trading ahead
of the 2023 Annual General Meeting ('AGM'), which is being held this morning.
Results of voting at the AGM will be announced later today.

 

Trading update

Trading during the first four months of 2023 has been broadly consistent with
the Board's expectations, reflecting the continued challenging macroeconomic
conditions described in our announcement of full year 2022 results at the end
of March. Recent trading has modestly improved in our Coatings &
Construction Solutions (CCS) division, largely offsetting continued challenges
in Adhesive Solutions (AS). As previously indicated, we do not expect the
unprecedented period of medical glove destocking, and hence low nitrile
butadiene rubber production levels in our Heath & Protection and
Performance Materials (HPPM) division, to abate before the end of 2023. We
continue to execute against our refreshed strategy, with a focus on the
operational, cost and working capital management actions which we expect to
underpin progress in the second half of 2023, supplemented by the anticipated
start of an improvement in market conditions, although visibility of this is
currently limited.

 

Synthomer Board changes

Brendan Connolly will retire from the Board at the end of today's AGM, as
previously announced, having served a nine-year term as a Non-Executive
Director of the Group. He is succeeded by Ian Tyler as Senior Independent
Director, and by Holly Van Deursen as Chair of the Remuneration Committee,
with immediate effect.

 

Caroline Johnstone, Chair of Synthomer, commented "On behalf of the Board, I
would like to thank Brendan for his considerable contribution to Synthomer
over the last nine years and, in particular, for his careful and skilled
leadership of the Remuneration Committee. We wish him well for the future."

 

 

Further information:

 Investors: Faisal Tabbah, Vice President Investor Relations  Tel: +44 (0) 1279 775 306

 Media: Charles Armitstead, Teneo                             Tel: +44 (0) 7703 330 269

 

 

 

Notes

Legal Entity Identifier (LEI): 213800EHT3TI1KPQQJ56. Classification as per DTR
6 Annex 1R: 3.1.

 

Synthomer plc is a leading supplier of high-performance, specialty polymers
and ingredients for coatings, construction, adhesives, and healthcare end
markets. Headquartered in London, UK and listed there since 1971, we employ
around 4,400 employees across nearly 40 locations across Europe, USA and Asia.
With more than 6,000 customers and £2.4bn in continuing revenue in 2022, our
three divisions are aligned to our end markets which play an important role in
global megatrends including urbanisation, climate change, and economic and
demographic shifts. In Coatings & Construction Solutions, our tailored
solutions enhance the sustainability and performance of a range of products
such as architectural and masonry coatings, mortar modification, fibre
bonding, waterproofing and flooring, while our energy solutions promote
drilling stability in the challenging operating environments of the oil and
gas industry. Adhesive Solutions is a leading supplier of products that bond,
modify and compatibilise surfaces and components for a range of end markets
including tapes and labels, packaging, hygiene, tyres and plastics. In Health
& Protection and Performance Materials we are a world-leading supplier of
water-based polymers for medical gloves and a major European manufacturer of
high-performance binders, foams and other products for a range of niche
applications. Our purpose is creating innovative and sustainable polymer
solutions for the benefit of customers and society. Around 20% of our sales
volumes are from new and patent protected products. At our innovation hubs in
the UK, Germany, Malaysia and Ohio, USA we collaborate closely with our
customers to develop chemical formulations tailored to their needs while also
minimising environmental impact. We are working to embed sustainability in
everything we do; we have reduced our scope 1 and 2 carbon footprint by one
third since 2019, and have been recognised for our sustainability progress by
a number of authorities. Since 2021 we have held the London Stock Exchange
Green Economy Mark, which recognises green technology businesses making a
significant contribution to a more sustainable, low-carbon economy. Find us at
www.synthomer.com
(https://isynthomer.sharepoint.com/teams/GroupFinanceTeam-GroupReporting/Shared%20Documents/Group%20Reporting/Year%20End%202022/Presentation/www.synthomer.com)
, @Synthomer_Group on Twitter or search for Synthomer on LinkedIn.

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