Two days after announcing record results for the year ended 31 December 2018, Zotefoams, the Croydon, UK-headquartered manufacturer of cellular materials, has been named winner of the Innovation in Technology Award at the PLC Awards 2018, held on 21st March.
Beating five other contenders to the title, Zotefoams was selected by a voting panel made up of City experts in corporate finance, law, financial services and accounting. According to the judging criteria for this category, the winning company will have used innovative technology in delivering its products or services. The award considers the application of (possibly already existing) technology and how the company is using it to change its operational processes, introduce new product or service offerings, or improve existing ones, to enhance the company’s success.
Other nominees included Auto Trader Group, Nanoco Group, Ocado Group, Oxford BioMedica and Syncona.
Although the origins of Zotefoams’ foam manufacturing process can be traced back almost a century, the judges were impressed by the way the company has continued to innovate, applying its technology to new materials and markets, which in 2018 produced a transformational effect on company performance.
From aerospace to preserving rare artefacts, high performance footwear to healthcare, Zotefoams continues to explore new applications for its products. Exceptionally light, resilient and environmentally friendly, they are increasingly in demand in an energy-conscious world, frequently replacing traditional materials to save space and weight and reduce complexity.
In its Preliminary Results for 2018, announced on 19th March, Zotefoams returned record sales and profits in 2018, with revenue growth of 16% to £81.04 million and profit growth before tax and exceptional items of 23% to £10.81 million.
David Stirling, Group CEO of Zotefoams, said, “We are delighted to have been named winner in the Innovation in Technology category this year, having been a runner up in previous years. 2018 was an outstanding year for several reasons: record financial performance, a successful £20m equity raise and investment in capacity in North America, the UK and Poland that positions us for future growth.
“We have experienced a strong start to 2019; we remain confident about the future prospects for our business and are excited by the opportunities we see for continued progress.”
