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Interim Results

Zotefoams's H1 pretax profit slips lower

02 August 2016 07:36

Zotefoams's H1 pretax profit has slipped to £2.77m, from a profit of £3.02m. Interim dividend was 1.85p a share, from 1.8p.

Group revenue firmed to £27.07m, from £26.49m.

Chairman Steve Good said the company entered H2 with a good order book, a strong product portfolio, growth expectations in all business units and the benefits of the weaker sterling.

"Whilst today we reported record revenue for the first half of the year, growth was muted by customer inventory adjustments and sales phasing," he said in a statement.

"In addition, profits were broadly flat, but this was due to increased expenditure in selling, development and technical resource to support long-term growth opportunities.

"Therefore, whilst recognising the significant uncertainty resulting from the macro-economic backdrop, the Board remains confident in the prospects for the business."

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