25 January 2011 – interim results

In the six months ended 31 October 2010 sales were up 6% to £60.3m (2009: £57.1m) and adjusted profit before tax rose from £2.2m to £2.4m. This translates into adjusted diluted earnings per share of 13.8p (2009: 12.7p). These are solid numbers and with net debt reduced slightly to £26.0m (2009: £27.0m) the business looks in good shape.

The company is pleased that it has managed to grow organically and deliver profit before tax ahead of last year by 10%, especially in view of rising raw material costs impacting the Snacks division. The second half of the year has also started well. Christmas sales were relatively unaffected by the exceptionally poor weather in December.

Based upon the current indications of trading at Easter, the company expects to deliver earnings for the full year in line with market expectations. It has also highlighted the fact that it is looking at some acquisition opportunities, which could add further value. At the current share price Zetar must continute to rank as a STRONG BUY.