Listed speciality chemicals company Synthomer has hailed another consecutive year of record results with turnover exceeding £1bn. The Essex-based business has also struck a deal for a €78m (£67m) acquisition.
The group has completed the purchase of Perstorp Belgium from The Perstorp Group, a speciality chemicals innovator and supplier based in Sweden.
Perstorp Belgium is a niche performance additives business serving the decorative and industrial coatings industries, and serves a “highly attractive, blue-chip customer base”. The company operates from a single site in Ghent, Belgium, where there is potential for growth capacity for future demand.
Synthomer said it would focus on expanding Perstorp Belgium’s market position by developing closer relationships with customers through leveraging its existing sales and technical services infrastructure, and driving operational performance.
For the year to 31 December 2016, Synthomer generated revenue of about £1.05bn, up from £870.1m a year earlier.
Pre-tax profits soared to £122.2m from £95.3m.
“2016 has been another strong year for Synthomer reflecting our strategy to grow the core business and invest in our platform for future growth,” said chairman Neil Johnson.
“Both the Europe & North America and Asia & Rest of World segments delivered organic growth and our first bolt-on acquisition, PAC, made a strong contribution in the second half of the year. We also benefitted from favourable currency translation as a result of the weakening in Sterling.”
Looking ahead, Johnson said he expects to continue to see resilient trading in Europe, although the raw material and macroeconomic environments remain volatile.
Source: Insider Media
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