StockMarketWire.com - Plastics manufacturer Synthomer posted a 39% rise in annual profit as it experienced strong growth in its Asian business.

Pre-tax profit for the year through December rose 39% to £120.3m, as revenue climbed 9.4% to £1.62bn.

Underlying pre-tax profit, which stripped out one-off gains and losses, rose 3.9% to £135.1m.

The company declared a full-year dividend of 13.1p per share, up 7.4% on-year.

'I am pleased to report a year of good progress, highlighted by a fourth consecutive year of growth in underlying profitability,' chairman Neil Johnson said.

'Progress has been underpinned by capital investment in higher growth markets, a focus on innovation, and our disciplined M&A strategy, overcoming a challenging market environment.'

'Looking forward, the group's leading market positions, incremental low cost production capacity, geographic diversity and product differentiation, ensure we are well placed to navigate the current global political and economic uncertainties.'

'Given this, we are confident of making further progress in 2019 and the board's expectations remain unchanged.'








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