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(Alliance News) - Synthomer PLC on Tuesday expects to report lower revenue and earnings before interest, tax, depreciation and amortisation for the first half of the year but maintains a hopeful outlook.
The Essex, England-based chemicals manufacturer said in the first six months of the year, its revenue was GBP1.1 billion, down 17% from GBP1.33 billion a year prior.
Ebitda is expected to be in the range of GBP72 million and GPB74 million, falling from GBP173.1 million the year before.
The company noted that "robust pricing" and a strong focus on margins helped it mitigate "substantially lower volumes."
Net debt at June 30 was around GBP795 million.
Looking ahead, Synthomer said it does not anticipate material recovery in customer demand before the end of the year, but is confident of making sequential progress in the second half of the year.
The company will report half year results on September 7.
Shares in Synthomer were down 2.0% at 78.40 pence each in London on Tuesday morning.
By Sabrina Penty; Alliance News reporter
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