Synthomer makes 'encouraging start' to 2022

Chemicals outfit Synthomer said on Thursday that it had made "an encouraging start to the year", with all but one of its businesses ahead of or in line with Q1 2021 results.

Synthomer stated whilst macroeconomic conditions remained "uncertain", it was "encouraged" by underlying trading conditions and its strong Q1 performance, with continued margin growth reflecting its ability to successfully manage the inflationary environment.

The FTSE 250-listed firm said it continued to see "very positive trading" in its function solutions unit and a "good start to the year" in its industrial specialities division.

On the other hand, Synthomer's performance elastomers arm witnessed nitrile sales continue to normalise relative to an "exceptional" 2021 performance.

Accordingly, Synthomer kept its full-year outlook unchanged, with the board remaining confident that benefits from recent acquisitions, continued investment in new capacity, and its "proven growth strategy" will all work to underpin "sustainable profit growth" in the coming years.

As of 0915 BST, Synthomer shares were up 2.61% at 293.56p.