Zotefoams PLC (LSE:ZTF) shares were higher on Thursday after the cellular materials technology leader published its unaudited financial results for the year ending 31 December 2023.
The company reported a year-end revenue of £127 million, aligning with market expectations and the previous year's figures.
Adjusted pre-tax profits reached a record £13.1 million, surpassing market expectations by 5%.
“The development of ReZorce mono-material packaging is nearing commercial market trials, with the associated requirement of investment in food-safe scale up,” said chief executive David Stirling.
“Successful trials would offer brands, retailers and regulators proof of a circular-economy solution for aseptic beverage packaging and the route to a global opportunity for our highly differentiated and sustainable technology.”
Shares were 3.6% higher at 345p at the time of writing.