6th Aug 2019 11:47
(Alliance News) - Zotefoams PLC on Tuesday said its earnings improved in the first half of 2019 and it expects to deliver further growth in the reminder of the year.
The company, which manufactures foams for use in sports, medical equipment and aerospace industry, said pretax profit for the six months to the end of June rose 6.5% to GBP4.9 million from GBP4.6 million reported a year earlier, as revenue grew 12% to GBP42.3 million from GBP37.9 million. On a constant currency basis, revenue climbed by 9%.
The company noted that its growth was driven by particularly strong sales performance in the HPP business and in Polyolefin Foams in North America.
Zotefoams increased its interim dividend by 3.0% to 2.03 pence a share.
"We expect Zotefoams to deliver further growth in 2019 and meet market expectations, however we are mindful of a difficult current trading environment in European polyolefin foams markets and the less stable political and macroeconomic environment. The board remains confident in the future prospects for the business," said Chief Executive David Stirling.
Zotefoams shares were trading 1.4% lower on Tuesday in London at 560.16 pence each.
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