Chemical maker Synthomer's profit hit by weak European demand

Fri Feb 28, 2014 2:58am EST

Feb 28 (Reuters) - British chemical maker Synthomer Plc's full-year underlying profit fell nearly 5 percent, weighed down by anaemic demand across European construction markets.

The company, which supplies specialty emulsion polymers used in construction, textiles, paper and latex gloves, said it had begun 2014 with unit cash margins across its Europe and North America (ENA) business slightly below the 2013 average.

The ENA business accounts for more than 70 percent of the company's total revenue.

Underlying pretax profit for the year ended Dec. 31 decreased to 90.1 million pounds ($150.21 million) from 94.6 million pounds a year earlier. Revenue fell by slightly more than 5 percent to 1.05 billion pounds.

Analysts on average expected the company to report pretax profit of 90.7 million pounds on revenue of 1.07 billion pounds, according to Thomson Reuters I/B/E/S.

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