The Group’s operating segments are reported in a manner consistent with the internal reporting provided to and regularly reviewed by the Group Chief Executive Officer, Ronan Cox, who is considered to be the ‘chief operating decision maker’ for the purpose of evaluating segment performance and allocating resources. The Group Chief Executive Officer primarily uses a measure of profit for the year before tax and exceptional items to assess the performance of the operating segments.
In 2025 the Group has adopted a new structure of segmental reporting that follows the regions in which the Group operates and the markets to which it sells in those regions. This presents a significant change from the method applied in 2024 and so the prior year figures presented have been restated to show this new structure.
The Group manufactures and sells high-performance foams for specialist markets worldwide. The Group’s activities are reviewed regionally as follows:
- EMEA: Manufacturing facilities in Croydon, UK, Spain and Poland in addition to foams supplied via Croydon through our AAL joint venture with INOAC Corporation
- North America: Manufacturing facility in Walton, USA and foams fabrication business in Tulsa, USA
- Asia: T-FIT® manufacturing facility in Kunshan, China, a distribution operation of T-FIT products in Gurgaon, India and the recently announced expansion into Vietnam with a new, purpose-built manufacturing facility where capital investment is beginning to take place
- In 2024 there was a MuCell segment which licensed microcellular foam technology and sold related machinery. It was developing a fully circular solution for mono-material barrier packaging, branded ReZorce®. At the end of 2024, this line of business was wound down.
EMEA | North America | Asia | MEL | Consolidated | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||
Revenue | 123,953 | 113,337 | 30,084 | 28,089 | 4,230 | 5,144 | 223 | 1,221 | 158,490 | 147,791 | ||||
Profit/(loss) | 25,379 | 24,449 | 3,529 | 1,819 | 223 | 1,373 | 180 | (4,891) | 29,311 | 22,750 | ||||
Exceptional cost of closure of business | – | – | – | – | – | – | (946) | (15,178) | (946) | (15,178) | ||||
Central costs allocated to segments | (214) | – | – | – | – | – | – | – | (214) | – | ||||
Central costs unallocated to segments | – | – | – | – | – | – | – | – | (6,526) | |||||
Operating profit/(loss) | 25,165 | 24,449 | 3,529 | 1,819 | 223 | 1,373 | (766) | (20,069) | 21,625 | 2,952 | ||||
Financing costs | – | – | – | – | – | – | – | – | (2,058) | (3,147) | ||||
Financing income | – | – | – | – | – | – | – | – | 350 | 274 | ||||
Share of profit from joint venture | – | – | – | – | – | – | – | – | 46 | 74 | ||||
Profit before taxation | – | – | – | – | – | – | – | – | 19,963 | 153 | ||||
Taxation | – | – | – | – | – | – | – | – | 2,676 | (2,908) | ||||
Profit/(loss) for the period | – | – | – | – | – | – | – | – | 22,639 | (2,755) | ||||
Depreciation and amortisation: | ||||||||||||||
Depreciation | 4,332 | 4,211 | 2,441 | 2,219 | 68 | 81 | – | 560 | 6,841 | 7,071 | ||||
Amortisation | 336 | 241 | - | – | – | – | – | 306 | 336 | 547 | ||||
Allocated depreciation of right-of-use assets | 409 | 347 | 164 | 168 | 102 | 39 | – | 294 | 675 | 848 | ||||
Unallocated depreciation of right-of-use assets | – | – | – | – | – | – | – | – | 834 | 517 | ||||
Capital expenditure: | ||||||||||||||
Property, plant and equipment (PPE) | 1,703 | 2,774 | 8,388 | 6,057 | 4,196 | 4 | – | 1,266 | 14,287 | 10,101 | ||||
Intangible assets | 23,946 | 97 | – | – | – | – | – | 3,140 | 23,946 | 3,237 | ||||
Segment assets | 158,320 | 108,141 | 50,424 | 49,703 | 11,665 | 7,440 | 89 | 2,232 | 220,498 | 167,516 | ||||
Unallocated assets | – | – | – | – | – | – | – | – | 6,596 | 7,233 | ||||
Total assets | 158,320 | 108,141 | 50,424 | 49,703 | 11,665 | 7,440 | 89 | 2,232 | 227,094 | 174,749 | ||||
Segment liabilities | (56,289) | (32,228) | (26,644) | (21,943) | (7,748) | (1,962) | (1,063) | (2,677) | (91,744) | (58,810) | ||||
Unallocated liabilities | – | – | – | – | – | – | – | – | (5,271) | (6,582) | ||||
Total liabilities | (56,289) | (32,228) | (26,644) | (21,943) | (7,748) | (1,962) | (1,063) | (2,677) | (97,015) | (65,392) | ||||
Unallocated assets are made up of intangible right-of-use assets, £6,458k (2024: £7,233k) representing Zotefoams’ right to use the licensed technology from Shincell, and the lease on the head office property, £138k (2024: £Nil). Unallocated liabilities are made up of the lease liability in respect of licensed technology, £5,180k (2024: £6,583k) and the lease on the head office property, £91k (2024: £Nil).
Segment profit/(loss) is made up of operating profit/(loss) before exceptional items, foreign exchange gains/(losses) and unallocated central costs. Unallocated central costs are not directly attributable to, or cannot be allocated to, a segment.
Segment profit/(loss) pre-amortisation of acquired intangibles only excludes amortisation on acquired intangible assets.
Major customer
Revenue from one customer included in EMEA contributed £74,899k to the Group’s revenue (2024: one customer included in EMEA contributed £66,133k to the Group’s revenue).
Analysis of revenue by category
Breakdown of revenues by product category for the Group:
2025 | 2024 | |
|---|---|---|
Consumer and lifestyle | 79,478 | 70,472 |
Construction and other industrial | 26,494 | 29,097 |
Transport and smart technologies | 52,518 | 48,222 |
Group revenue | 158,490 | 147,791 |