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Zotefoams profit hit by weaker margins
StockMarketWire.com
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Cellular material technology group Zotefoams reported a 15% fall in annual profit as margins shrank, though it said sales of personal protective equipment supported second-half trading.
Pre-tax profit for the year through December dropped to £8.3 million, down from £9.8 million year-on-year, even as revenue rose 2% to £82.7 million.
Zotefoams had reinstated dividends in October, with a final payout declared of 4.27p per share.
'I am pleased with how Zotefoams has performed in 2020, given the Covid-19 impact on economies and supply chains globally,' chief executive David Stirling said.
'We are experiencing a strong start to 2021, consistent with our growth expectations, across the business as a whole.'
The polyolefin foams business was trading very strongly, buoyed by restocking in some markets and the restarting of some previously delayed projects, Stirling said.'
'We do not anticipate any significant sales from PPE programmes this year, which materially supported 2020's second half trading,' he added.
'In our HPP Business Unit, demand for footwear products continues at similar levels to the strong performance seen in the second half of last year, while Covid-related factors continue to impact aviation and the rate of growth in T-FIT insulation products.' At 9:57am: (LON:ZTF) Zotefoams PLC share price was 0p at 412.5p
Story provided by StockMarketWire.com
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