Synthomer Full-Year Report 2023
- Prolonged period of lower demand and destocking – volumes 9.9% lower than 2022
- £2.0bn revenue (2022: £2.3bn)
- Significant impact on EBITDA, despite the margin resilience of our specialty businesses
- £142.1m continuing EBITDA (2022: £253.8m), 7.2% margin (2022: 10.9%)
- EPS losses also reflect higher interest costs
- Net debt halved in year
- £85.7m Free Cash Flow (2022: £69.2m)
- £18m cost savings
- £46m inventory reduction
- – 97% conversion of EBITDA to Operating Cash Flow
- £208m strategic divestment proceeds
- £276m rights issue
- Further covenant relaxation agreed in March 2024
