Business
Interim results
Interim results.
About this update from Synthomer Plc
[{"type":"text","content":"\n\nSynthomer plc\nInterim results for the six months ended 30 June 2024\nContinued strategic and operational progress\n \n\n\n\n\nSix months ended 30 June\n\n\nH1 2024\n\n\nH1 2023\n\n\n \nChange\n\n\nConstant currency1\n\n\n\n\n \n\n\n£m\n\n\n£m\n\n\n%\n\n\n%\n\n\n\n\nContinuing operations2\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n\n1,051.1\n\n\n1,047.2\n\n\n+0.4%\n\n\n+3.5%\n\n\n\n\nCoatings & Construction Solutions (CCS)\n\n\n53.0\n\n\n54.9\n\n\n(3.5)%\n\n\n(0.9)%\n\n\n\n\nAdhesive Solutions (AS)\n\n\n21.9\n\n\n15.6\n\n\n+40.4%\n\n\n+42.9%\n\n\n\n\nHealth & Protection and Performance Materials (HPPM)\n\n\n14.8\n\n\n12.3\n\n\n+20.3%\n\n\n+24.4%\n\n\n\n\nCorporate\n\n\n(13.7)\n\n\n(10.0)\n\n\n\n\n\n\n\n\n\n\nEBITDA3\n\n\n76.0\n\n\n72.8\n\n\n+4.4%\n\n\n+7.6%\n\n\n\n\nEBITDA margin (%)\n\n\n7.2%\n\n\n7.0%\n\n\n\n\n\n\n\n\n\n\nUnderlying4 operating profit (EBIT)\n\n\n29.0\n\n\n25.1\n\n\n+15.5%\n\n\n+18.7%\n\n\n\n\nStatutory operating profit/(loss) (EBIT)\n\n\n(2.2)\n\n\n(7.1)\n\n\n\n\n\n\n\n\n\n\nResults from continuing and discontinued operations2\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nUnderlying4 profit/(loss) before tax\n\n\n2.5\n\n\n(6.7)\n\n\n\n\n\n\n\n\n\n\nStatutory (loss)/profit before tax\n\n\n(33.2)\n\n\n16.7\n\n\n\n\n\n\n\n\n\n\nUnderlying4 EPS* (p)\n\n\n1.3\n\n\n(8.0)\n\n\n\n\n\n\n\n\n\n\nBasic EPS* (p)\n\n\n(18.8)\n\n\n(19.0)\n\n\n\n\n\n\n\n\n\n\nFree Cash Flow5\n\n\n(31.2)\n\n\n18.8\n\n\n\n\n\n\n\n\n\n\nNet debt6\n\n\n560.6\n\n\n795.8\n\n\n\n\n\n\n\n\n\n\n* H1 2023 adjusted for 20 to 1 share consolidation and rights issue adjustment factor of 2.715.\n \n \n· H1 trading in line with expectations, with revenue, earnings and underlying EPS progression\n \n· Activity levels continued to incrementally improve in the period\n− CCS remained stable and resilient while AS and HPPM divisions recovered some of the substantial volume declines experienced in 2023; specialities across the Group continued to outperform base products\n− Activity levels and capacity utilisation increasing, but still significantly below pre-pandemic levels\n− Revenue +3.5% in constant currency despite pass-through of lower raw material prices vs H1 2023\n \n· EBITDA and margi...