Record profits reported by chemicals specialist Synthomer

Imran Khan
Synthomer supplies lattices and specialty emulsion polymers to diverse markets (Source: Getty)

FTSE 250 chemicals company Synthomer has achieved a second consecutive year of record profits, it announced yesterday.

The speciality chemicals company, which provides emulsion polymers to a range of industries, including coatings, health and protection, said 2016 revenues jumped up by 20 per cent to £1.04bn, and 10.8 per cent on a constant currency basis, compared to the same time last year.

The revenue rises mean that this is the second consecutive year of record profits for the group, with underlying earnings up 28.2 per cent to £122.2m.

Synthomer attributed its strong full-year performance to organic growth in Europe and North America, with improved margins and stable volumes.

The company said Asia and rest of world segments performed ahead of expectations, with a good performance from its important nitrile latex product.

Chairman Neil Johnson said: “Looking ahead, we expect to continue to see resilient trading in Europe, although the raw material and macroeconomic environments remain volatile.

“Despite these uncertainties and challenges, the board’s expectations remain unchanged from the trading update on 20 January and we remain confident in delivering long term growth in profitability and shareholder value,” he said.