Synthomer in euro headache

Synthomer's reliance on the eurozone also makes it dependent on the weakening euro currency. A deflated euro cost the business £3.4m in operating profit, while fierce competition in nitrile latex - used to make rubber gloves - proved a drag on margins. These two issues contributed to an 8 per cent slide in underlying operating profits, to £96.5m.

But management says nitrile markets in Asia are now improving as demand catches up with supply. That's unlikely to offset decelerating demand in Europe, but lower raw material prices may offer some hope - the price of monomers, which the group uses to make synthetic latex gloves, has headed south with the oil price.

Meanwhile, Synthomer is pressing on with its cost-control measures and expansion into emerging markets, where population growth, urbanisation and increasing wealth are still seen as potential goldmines. It's also emphasising innovation: the company released a record 16 new products last year, with uses ranging from improving wood coatings to strengthening thin gloves, and filed a further seven patent applications.

Prior to these results, analysts at Numis expected EPS to grow 5 per cent to 19.8p in 2015.