Synthomer Now Sees Full Year EBITDA Below Previous Guidance - Quick Facts

Synthomer plc (SYNT.L) said the Board now expects full year EBITDA to be 10% to 15% below its previous expectations. The Group said it is focused on deleveraging and cash generation and is progressing a number of strategic initiatives and operational actions to reduce costs, capital expenditure, and working capital.

In August, the Group reported that inventory levels of medical gloves remained high post-pandemic with reduced demand. The associated de-stocking significantly reduced nitrile butadiene rubber production volumes in first half and delayed a return to pre-pandemic NBR growth. During the third quarter, the de-stocking has continued with production volumes further reduced. The Group does not expect the destocking impact to abate before the end of 2023. Also, since August, macroeconomic conditions have deteriorated, leading to reduced demand in construction and coatings end markets, the Group said.

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