Synnnovia PLC (LON:SYN) has released a trading update for the year to 31 March. The company continues to expect significant growth in revenue and profits, with progress remaining strong in the higher margin Industrial division. However, profitability for...
Synnovia is a niche manufacturer of specialist products.
Applications for these products vary widely and examples include:
. Packaging for the food manufacturing and distribution – films, sacks and pouches
. Steering columns and instrument control knobs in the automotive industry – plastic bearings
. Hydraulic and industrial rubber hose manufacture – various types of mandrel
. Cardboard box manufacture – creasing matrices.
Synnovia’s business model is based on understanding customers’ problems in depth, and then developing and mass producing proprietary, technical solutions for these problems.
The business operates through two divisions, Films and Industrial, and has the majority of its production in six UK based factories, with a further two factories in Asia and one factory in the USA.
Approximately 49% of its £77 million sales are made outside of the UK to more than 80 countries around the world.
Synnovia was established and incorporated in December 2002. Since then the company has grown mainly through acquisitions and was listed on the AIM market in London in December 2007.