In the first half of 2023, Zotefoams experienced a notable increase in group revenue, with a growth of 9% to a total of £64.6m. Additionally, their profit before tax saw a substantial rise of 30%, reaching £7.4m.
The company recently entered into a joint development agreement with a renowned global beverage packaging company. This collaboration comes as a result of the impressive progress made on Zotefoams’ ReZorce packaging format, which offers excellent technical and pre-commercial advancements. Last year, Zotefoams successfully launched ReZorce, a fully recyclable mono-material carton that boasts a significantly smaller environmental impact compared to traditional carton packaging.
David Stirling, CEO of Zotefoams, expressed satisfaction with the progress achieved in the implementation of the ReZorce recyclable barrier packaging technology. One of the highlights of this success is their recent agreement with a leading beverage packaging company. As a result of ongoing investments and combined efforts with the rest of the MEL business segment, Zotefoams incurred an operating loss of £2m (compared to £600,000 in 2022). The company plans to continue investing in the ReZorce technology in the second half of the year, with slightly higher expenses than the first six months.
ReZorce received recognition in the Best New Concept category at the prestigious UK Packaging Awards held last year.
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