UK’s Zotefoams 2008 net profits rise 3%

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, UK and subsidiaries in the US which manufacture similar products.

($1 = ₤0.72 ; $1 = €0.79 ; €1 = £1.09)

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By: Terence Teo
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