19th Mar 2019 10:01
LONDON (Alliance News) - Zotefoams PLC on Tuesday reported "another" record set of annual results, with the company also starting 2019 strongly.
Croydon-headquartered Zotefoams makes foam products used in sports, construction, aerospace, and automotive, amongst other areas.
In 2018, pretax profit rose 31% to GBP9.9 million, while excluding exceptional items the result was up 23% at GBP10.8 million.
Zotefoams' revenue increased 16%, and 17% at constant currency, to GBP81.0 million.
Zotefoams is paying a final dividend of 4.15 pence per share, meaning the total for 2018 is 3.2% higher year-on-year at 6.12p.
Polyolefin foams are its core business, with sales up 8% to GBP57.2 million, but profit fell 8% to GBP9.5 million due to a delayed start-up of a new facility in the US state of Kentucky.
In High-Performance Products, profit surged 84% to GBP6.8 million and revenue by 67% to GBP22.0 million. In December of 2018, Zotefoams announced a "significant" partnership with sports shoe maker Nike Inc, with the company's materials since "extremely" well-received.
In the MuCell unit, Zotefoams' loss was GBP1.6 million, widened from GBP1.0 million, with revenue down 54% to GBP2.0 million, in what the firm said was a difficult year.
Looking to 2019, Zotefoams has made a "strong" start. Its outlook overall is confident, despite a "generally less favourable" macroeconomic outlook than a year before.
Zotefoams shares were 0.3% higher on Tuesday morning at 613.90 pence each.
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