LONDON (ShareCast) - (ShareCast News) - Revenue surged in the first half at chemicals business Synthomer, it reported on Tuesday, rising 64.8% at constant currency to £770.3m, as its volumes rose 17.5% to 730.2 ktes.
The FTSE 250 company's operating profit was up 11.9% at constant currency to £76.5m in the six months to 30 June, while its profit before tax improved 10.8% at constant exchange rates to £71.6m.

Earnings per share were up 21.7% at 16.8p, and the board declared an ordinary dividend per share of 3.7p, up 5.7% on the same time last year.

"We have made solid progress during the first half of this year," said Synthomer chairman Neil Johnson.

"The positive impact of the 'bolt-on' acquisitions, Europe and North America continuing to grow in line with GDP and positive currency translation more than offset the anticipated margin pressure in the nitrile latex market in Asia and rest of the world, leading to a 17.4% increase in underlying profit before tax."

Looking regionally, Synthomer,s aid operating profit from Europe and North America was up 30.8% at constant currency to £64.3m, while it sank 28.5% from Asia and the rest of the world to £18.1m.

Unallocated operating losses totalled £5.9m, an improvement of 3.3% on last year.

The company's IFRS profit before tax was down 7% at £53.4m, while its IFRS earnings per share were off 10.7% at 12.5p.

"Looking ahead, we continue to focus on driving sustainable growth, through capital investment projects, research and development and business efficiency programmes," Neil Johnson explained.

"We also continue to evaluate acquisition opportunities and will remain highly disciplined in our selection criteria.

"Accepting the H2 seasonality inherent in our markets, and in the absence of any currency benefit in the second half, the Board's expectations for the full year remain unchanged."

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