Commenting on the results, David Stirling, Group CEO, said:
“We are seeing the benefits of Zotefoams’ strong portfolio of products, backed by unique technology, across multiple sectors and geographies. 2018 was another record year for Zotefoams and I’m delighted with both the performance and opportunities we are creating.
We have experienced a strong start to the year, consistent with our growth expectations across the business as a whole. Investments in recent years in our product portfolio, people and productive capacity have positioned Zotefoams for further growth. Whilst we appear to be in a generally less favourable macroeconomic environment than in 2018, with volatile foreign exchange rates, the Board remains confident about the future prospects for our business and is excited by the opportunities we see for continued progress.”
Zotefoams plc (LON:ZTF), a world leader in cellular material technology, today announced its unaudited preliminary results for the twelve months ended 31 December 2018.
Significant financial progress during the year
· 16% increase in Group revenue (17% constant currency) to a record £81.04m (2017: £70.15m)
· 23% increase in reported profit before tax and exceptional item to a record £10.81m (2017: £8.81m)
· 31% increase in reported profit before tax to £9.86m (2017: £7.55m)
· 29% increase in EBITDA before exceptional item to £16.66m (2017: £12.87m)
· 35% increase in EBITDA to £15.71m (2017: £11.61m)
· 16% increase in basic EPS before exceptional item to 18.66p (2017: 16.04p)
· 24% increase in basic EPS to 16.96p (2017: 13.70p)
Successful strategic execution
· High-Performance Products now accounts for 27% of Group revenue (2017: 19%) following a 67% increase in sales mainly from footwear and aviation applications
· Core AZOTE® foams business grew by 8% while MuCell Extrusion refocused for expected return to growth in 2019
· Kentucky, USA facility commissioned in March 2018, adding approximately 20% to Group capacity
· Capacity increases on schedule for commissioning in UK and USA during 2019 and at a new site in Poland during 2020
· Successful bank refinancing and equity raise in May 2018 to support growth plans
