9th Aug 2022 10:47
(Alliance News) - Zotefoams PLC on Tuesday reported a surge in interim profit and as a result the firm said it expects its full-year underlying profit to be ahead of current market expectations.
Shares were up 12% at 275.11 pence in London on Tuesday morning.
In the six months to June 30, the London-based chemical manufacturer reported a pretax profit of GBP5.7 million, up 42% from GBP4.0 million.
Revenue increased 23% year-on-year to GBP59.0 million from GBP48.2 million. High-performance products grew 21% against the prior year, and polyolefin foams sales were up 26%.
The company said it expects full-year sales growth due to better pricing, favourable exchange rates, and an improved product mix, though it did not specify a growth figure.
"Order books and demand momentum across key markets coming through the half year underpin our expectation for year-on-year sales growth in H2 2022," added Chief Executive David Stirling.
Underlying full-year profit is expected to be ahead of market consensus, which Zotefoams didn't specify.
Zotefoams declared an interim dividend of 2.18 pence, up 4.0% from 2.10p per share the previous year.
By Heather Rydings; [email protected]
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