Synthomer raises FY EBITDA guidance

Chemicals business Synthomer raised its full-year underlying earnings guidance by around 10% on Thursday thanks to some stronger than expected trading across its three major divisions.

Synthomer said it now anticipates 2020 EBITDA to be approximately £255.0m, ahead of previous guidance of £232.0m, as its performance elastomers, functional solutions and industrial specialities divisions all had a strong finish to the year.

The FTSE 250-listed group also highlighted that it would continue to adapt operations in response to the ongoing Covid-19 pandemic but, at this stage, expects "no meaningful disruption" to business.

Chair Caroline Johnstone said: "In a very challenging year, Synthomer has delivered a strong performance, testament to the strategy that we have been consistently executing and the investments that we have made over the last five years.

"As we embark upon a new year and look further ahead to the future, the business is in a strong position."

Synthomer also revealed that chief executive Calum MacLean will leave the business by January 2022, when a successor is in place.

As of 0925 GMT, Synthomer were up 4.53% at 465.80p.