UK's Zotefoams gains on upbeat annual outlook
23/01/2025 08:59
** Shares of Zotefoams ZTF.L rise as much as 7.5% to 317p,
stock top gainer on FTSE Small Cap .FTSC index
** The maker of closed cell crosslinked foams says it
expects to report 2024 profit before tax and revenue ahead of
market expectations
** Sees adjusted profit before tax for the year ended Dec.
31 to be a group record of 15.6 million pounds, up 19% yoy
** Expects FY revenue of 147.8 mln pounds, up 16% yoy
** Peel Hunt analysts say in a note that ZTF's move to pause
investment into ReZorce and wind down the MuCell operations,
allowing it to remain focused on the core foams businesses, was
a "sound decision"
** Stock lost 6% in 2024
(Reporting by Aby Jose Koilparambil in Bengaluru)
((abyjose.koilparambil@thomsonreuters.com))