10 March 2009 08:51 [Source: ICIS news]
SINGAPORE (ICIS news)--UK-based Zotefoams said on Tuesday its 2008 net profits grew a marginal 3% year-in-year in 2008 to ₤3m (€3.3m/$4.2m) on the back of healthy sales.
Total revenue increased by 10% to ₤34.8m last year from ₤31.6m in 2007, with pre-tax profits up 17% to ₤3.9m, the company said.
“In what were difficult trading conditions, particularly towards the latter part of the year, Zotefoams demonstrated good resilience to record a robust set of financial results,” company chairman Nigel Howard said in a statement.
“Notwithstanding the likelihood that 2009 will be a challenging year, the board remains positive about the longer term prospects for the business,” said Howard.
Zotefoams is a polyolefin foam producer with head office based in the Croydon, ?xml:namespace>
($1 = ₤0.72 ; $1 = €0.79 ; €1 = £1.09)
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