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Plastics producer Synthomer upgraded its annual earnings guidance, reflecting strong demand for its nitrile latex products during the pandemic.
Earnings before interest, tax, depreciation and amortisation for the year through December were now expected to be in excess of £450 million.
'Whilst macroeconomic conditions remain uncertain given the ongoing Covid-19 pandemic, we are encouraged by a further strengthening of underlying trading conditions and the strong performances across all our divisions during the first quarter,' Synthomer said.
Positive trends experienced in the nitrile latex business during 2020 had continued through the first quarter with overall performance ahead of expectations, the company said.
Both volumes and unit margins were significantly ahead of the prior year driven by 'exceptional demand' as a consequence of the Covid-19 pandemic.