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Synthomer increase interim dividend by 8.1%

Investment Tools Ltd.
Synthomer increase interim dividend by 8.1%

Synthomer have increased their interim dividend to 4.0p per share reflecting an 8.1% increase.

Other Financial highlights include:

The strategic acquisition of Omnova for £654m announced on 3 July 

Underlying operating profit 5.9% lower at £74.7m vs strong H1 2018:

• Performance Elastomers benefitted from continued growth in NBR Latex offset by weaker demand and lower margins in SBR Latex

• Functional Solutions experienced softer volumes but stronger unit margins 

• Industrial Specialities after a slow start to the year saw an improving trend through H1 2019 

Strong R&D: new products represent c. 21% of total sales volumes (H1 2018: 20%)

Underlying profit before tax and IFRS profit before tax £70.2m and £56.6m respectively

Effective tax rate reduced to 14.0% (H1 2018: 18.0%)

Underlying earnings per share down 3.5% at 16.5p per share with IFRS earnings per share at 13.0p

Net debt £209.2m (31 December 2018: £214.0m). Leverage unchanged at 1.2x (31 December 2018: 1.2x)

Companies mentioned

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