Zotefoams (LON: ZTF) had a tough second half of 2019 and the first half recovery was hampered by COVID-19.
The foams manufacturer reported interim revenues 18% lower at £34.6m, while pre-tax profit was 44% down at £2.82m. Gross margin held up at 34.8%, helped by lower raw material prices.
Volume demand for Polyolefin foams was sharply lower. That was a continuation of the second half of 2019 and then disruption from COVID-19. There was a smaller fall in HPP products, but footwear demand is building up.
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