12th Aug 2014 08:59
LONDON (Alliance News) - Zotefoams PLC, the cellular material technology company, Tuesday said its first-half pretax profit fell by more than a third, hit by a charge following the decision to curtail manufacturing activity on the microZOTE extrusion line.
Zotefoams increased its interim dividend to 1.75 pence from 1.70 pence.
In a statement, Zotefoams said it made a GBP1.6 million pretax profit in the six months ended June 30, compared with GBP2.5 million in the corresponding period last year. Revenue increased to GBP24.6 million from GBP23.2 million.
Distribution costs fells to GBP1.7 million from GBP1.8 million, while administrative expenses increased to GBP1.0 million from GBP1.7 million. Excluding so-called exceptional items, pretax profit increased to GBP2.9 million, said the company.
"We enter the second half of the year with a good order book across all segments of our business and a strong portfolio of products to deliver further organic growth. Zotefoams continues to maintain a consistent strategy and approach while being mindful of economic uncertainty and the impact of foreign exchange in particular. We therefore remain confident in the long-term prospects for the business," Chairman Nigel Howard said in a statement.
Shares were Tuesday untraded at 222.50 pence.
By Samuel Agini; [email protected]; @samuelagini
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