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Prices & Quotes - UK Markets - Synthomer (SYNT)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Up 529.50p
Change Today:
2.50p
Market Cap:
2,249.59m
Sector:
Chemicals

Synthomer withdraws FY guidance as Covid-19 weighs on performance

By Iain Gilbert

Date: Wednesday 29 Apr 2020

LONDON (ShareCast) - (Sharecast News) - Chemicals business Synthomer withdrew full-year guidance on Wednesday adding that it was cutting capital expenditure and executive salaries in order to weather the Covid-19 storm.
Synthomer said the pandemic and associated lockdowns had started to weigh on its trading, with sales in the automotive and oil sectors hurt in the second quarter, leading the group to cut capital expenditure for 2020 to around ?50m - down from the ?73.5m originally anticipated.

Executives and directors also chose to freeze their salaries at 2019 levels and delayed any further review until October.

However, the FTSE 250-listed firm did note that it had seen strong demand for nitrile, used to make medical gloves, and highlighted that underlying earnings in the three months ended 31 March were up 5% year-on-year, in line with expectations.

Synthomer, which it continued to operate 37 of its 38 global manufacturing sites, also withdrew its full-year guidance and made no mention of its dividend plans.

"Given the unprecedented uncertainty around the impact of Covid-19, it is unclear what impact this will have on the group's financial performance for the year," said the group.

"As such, the group is withdrawing its previous guidance for the year ending 31st December 2020 and will update the market when there is better visibility."

As of 0840 BST, Synthomer shares were up 3.30% at 287.80p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Synthomer Market Data

Currency UK Pounds
Price 529.50p
Change Today 2.50p
52 Week High 552.00p
52 Week Low 287.80p
Volume 853,448
Shares Issued 424.85m
Market Cap 2,249.59m

Performance Indicators

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What The Brokers Say

Strong Buy 10
Buy 0
Neutral 4
Sell 0
Strong Sell 0
Total 14
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Synthomer Dividends

  Latest Previous
  Final Interim
Ex-Div 03-Jun-21 22-Oct-20
Paid 05-Jul-21 10-Nov-20
Amount 8.60p 3.00p

Trades for 30-Jul-2021

Time Volume / Share Price
16:35 132,032 @ 529.50p
16:29 4 @ 526.50p
16:29 152 @ 526.50p
16:29 149 @ 526.50p
16:29 123 @ 526.50p

Synthomer Key Personnel

CEO Calum MacLean
CFO Steve Bennett