Zotefoams triumphs at UK Stock Market Awards
Zotefoams has been named Best Chemicals Plc at the UK Stock Market Awards 2018, repeating its achievement at the 2016 Awards.
Beating five other category nominees to the title, Zotefoams was named winner on a count of votes cast by private investors. The Awards are recognised as a unique measure of true shareholder value creation, as perceived by this community. Investors vote on a shortlist drawn up by a panel of senior individuals from the world of corporate finance, law, financial services, accounting, public relations and media, which makes its selection on criteria including share price performance, management acumen, decision making and performance relative to the sector.
Zotefoams plc’s CFO Gary McGrath (centre) accepts the award for Best Chemicals Plc at the UK Stock Market Awards 2018
Gary McGrath, CFO of Zotefoams plc, said, “We are delighted to have been recognised again by the investor community. We have made a great deal of progress in the two years since our last Award, including tremendous support from our own shareholders, most recently demonstrated by the successful completion of a £20m equity raise as part of a funding plan for future growth.”
The equity was raised to fund a new foam manufacturing plant in central Europe, due to come on stream in 2020. It is the third major investment in capacity by Zotefoams in recent years: the Group’s site in Kentucky, USA is benefiting from $42 million investment in infrastructure, extrusion and two high-pressure autoclaves, the first of which has now been commissioned, while in Croydon, UK, work is progressing on a new building to house two low-pressure autoclaves and associated infrastructure, focused primarily on the Group’s High Performance Products, representing an investment of some £12 million.
Zotefoams returned record sales and profits in 2017, with revenue growth of 22% to £70.15m and profit growth before tax and exceptional items of 22%.