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UK: Zetar plc - Interim Results for the Six Months Ended 31 October 2006

Source: Zetar plc
22/01/2007

22 January 2007 - Zetar Plc, the AIM listed confectionery and snack foods group, announces its unaudited results for the six months ended 31 October 2006.

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Highlights

Financial

• Turnover: £38.2m (2005: £21.9m), up 74%

• EBITDA**: £3.0m (2005: £1.3m), up 131%

• Adjusted operating profit**: £2.2m (2005: £0.7m), up 194%

• Operating profit: £1.4m (2005: £0.2m***), up 600%

• Profit/(loss) on ordinary activities before taxation: £0.9m (2005: £(0.3m***))

• Basic diluted EPS: 3.8p (2005: loss per share: 5.3p)

• Adjusted diluted EPS: 10.9p**** (2005:1.7p)

Operational

• Completed acquisitions of Humdinger and Salamanda for aggregate consideration of up to £15.7m

• Placed 2.8 million new ordinary shares at 400p per share to raise £11.2m

• Improved balance in seasonal trend of sales

• Strengthened management team:

– Promotion of Clive Beecham to Group Managing Director
– Appointment of Marion Sears as Non-Executive Director
– Announcement today of Dale Mullins appointed as Group Finance Director

• Board confident in outlook for the full year

– Sales for eight months to 31 December 2006 in excess of £56m (2005: £32m)

Ian Blackburn, Chief Executive said:

“We have made good progress in the first half of this year, through the organic growth of both operating divisions and with our recently acquired businesses, Humdinger and Salamanda, which have contributed to a significant position in the healthier snacking marketplace. 

“We are pleased with our Spring order book and sales to date and this, added to the consistent trading pattern of our Natural & Premium Snacks division, gives the Board confidence with regard to the outlook for the remainder of the year.”

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