Business
Interim Results
Interim Results.
About this update from Synthomer Plc
[{"type":"text","content":"\n \nRNS Number : 6931O Synthomer PLC 11 August 2014 \n \n\n11 August 2014\n \nSynthomer plc\n \nInterim Results for the six months ended 30 June 2014\n \nContinued progress in Europe with strong cash generation; interim dividend up 25%\n \n\n\n\n\nH1 HIGHLIGHTS\n\n\nH1 2014\n\n\nH1 \n2013\n\n\nIncrease/(decrease)\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs reported\n\n\nConstant currency basis\n\n\n\n\nUnderlying performance(a)\n\n\n£m\n\n\n£m\n\n\n%\n\n\n%\n\n\n\n\nTotal sales(b)\n\n\n510.1\n\n\n558.3\n\n\n(8.6)\n\n\n(2.4)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nVolumes (ktes)\n\n\n608.5\n\n\n597.8\n\n\n1.8\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating Profit (EBIT)\n\n\n51.1\n\n\n56.0\n\n\n(8.8)\n\n\n(4.3)\n\n\n\n\n Europe and North America \n Asia and ROW \n Unallocated\n\n\n47.8\n7.3\n(4.0)\n\n\n48.5\n11.5\n(4.0)\n\n\n(1.4)\n(36.5)\n-\n\n\n1.9\n(28.7)\n-\n\n\n\n\nProfit before Tax\n\n\n45.0\n\n\n48.6\n\n\n(7.4)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEPS (p)\n\n\n10.1\n\n\n10.9\n\n\n(7.3)\n\n\n\n\n\n\n\nDPS (p)\n\n\n3.0\n\n\n2.4\n\n\n25.0\n\n\n\n\n\n\n\n \n \n· Europe and North America: Reported operating profit slightly down but 1.9% up on a constant currency basis, with higher volumes and cash margins firming from H2 2013 levels. \n \n· Asia and ROW: Despite good progress on volumes, performance continued to be impacted by the competitive environment among glove manufacturers which depressed margins in the nitrile business. \n \n· Strong cash generation reduced net debt to £114.6 million (FY 2013: £133.6 million).\n \n· Updated dividend policy: 2.5 times dividend cover effective 2014; interim dividend increased by 25% to 3.0 pence.\n \nCommenting on the results, Adrian Whitfield, Chief Executive Officer, said:\n \n\"Against challenging market conditions, particularly in our Asian nitrile business, Synthomer has delivered a solid performance in the first half of 2014, with Group volumes up 1.8%.\n \nIn Europe and North America, we saw impro...