UK’s Zotefoams 2011 net profit rises 3.3%, sales jump 10.9%

06 March 2012 08:09  [Source: ICIS news]

SINGAPORE (ICIS)--Zotefoams reported a 3.3% increase in its 2011 net profit to £4.50m ($7.14m, €5.42m) while sales increased 10.9% to £44.2m, the UK-based foam producer said on Tuesday, citing preliminary results.

“Sales of Azote polyolefin foams increased by 10%, with higher growth rates experienced in some of our more establish markets in Western Europe,” the company said in a statement.

The financial results in 2010 included an exceptional gain of £623,000.

Zotefoams' 2011 sales in North America grew by 10%, while sales in Asia, which represents 6% of the company’s total revenues, declined by 21%, it added.

Its operating profit last year was up by 15.8% to £5.59m compared to the same period a year earlier, the company said.

($1 = £0.63/ €1 = £0.83)

By: Samuel Wong

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