Synthomer, the UK speciality polymers supplier, reported a 6.7% rise in first-half revenue and has adjusted its full-year 2026 outlook upward, the company said on Tuesday.
Top-line and adjusted results
Revenue for the six months reached £954.30 million, with management saying growth was recorded across all business divisions. On an adjusted basis the company delivered earnings per share of £0.22, a turnaround from a loss in the comparable period last year and ahead of a £0.05 consensus estimate cited from one analyst.
Adjusted pretax profit came in at £12.70 million, above the £11 million estimate. The group also reported adjusted operating income (EBIT) of £48.60 million and adjusted EBITDA of £96.70 million for the half-year.
Statutory numbers and cash flow
On a statutory basis Synthomer reported a pretax loss of £25.50 million and a loss per basic share of £0.03. Free cash flow for the first half was negative £80.80 million.
Drivers of underlying earnings and margins
The company attributed its underlying earnings growth to strategic growth initiatives, ongoing innovation efforts and a deliberate shift towards higher-margin speciality products. Margin improvement was also linked to continued cost and efficiency measures implemented across the divisions.
Synthomer noted that temporary volume gains in its Health & Protection division were connected to supply chain disruptions affecting competitors. Management said it does not expect those elevated volumes to persist into the second half.
Outlook and balance-sheet metrics
Following the first-half results the company upgraded its full-year 2026 outlook to be slightly ahead of market expectations. It expects full-year free cash flow - before movements related to non-recourse receivables finance - to be positive.
Synthomer provided a year-end 2026 forecast for covenant net debt to EBITDA of 4.0-4.35 times, a projection that excludes any further divestments.
Note on limitations
The company indicated that certain volume benefits observed in the first half were temporary and tied to competitor supply issues, and it flagged that those effects are not anticipated to continue in the second half. No additional assumptions or estimates beyond those stated by the company were made in this report.