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)
