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Zenith returns to profitability

Published 7th January, 2010 by Neil Nixon

Zenith returns to profitability

Zenith, privately owned independent manufacturer and supplier of hygiene chemicals and ancillary products, has returned to profitability in the nine months to the end of November 2009.

The company reported that for the 9 months to the end of November it generated over £23 million of sales, £1.8 million of EBITDA and retained profits of £319,000. According to its board of directors, this result provides for a sustainable future and capital for further improvement to the business. The board fully anticipates that these trading trends will continue through the remainder of the financial year and beyond.

Following the buy-out of Zenith Hygiene in November 2008, the new executive management team is led by Ringo Francis, chief executive, and Arvinder Walia, chief financial officer. The board is now chaired by Stanley Fink, the former chief executive of the FTSE 100 company Man Group plc. The executive directors and Stanley Fink together formulated a strategy to take the company forward. The business has been stabilised through an injection of new capital and a number of operational actions have been implemented.

Furthermore, new operating management have been appointed and new systems introduced enabling the company to be more efficient and to manage and monitor stock levels.

Ringo Francis, chief executive of Zenith Hygiene, said: “I am delighted that Zenith is returned to the position where we are delivering industry leading value and service to our customers. We have improved all aspects of our business, services and products. Our key focus going forward will be to continue to bring our high quality approach and our the best in class services to both existing and new customers in our chosen sectors. The board would like to express its gratitude to its shareholders who have played a large part in the revitalisation of this business and for their continued support. We would also like to thank our customers, bankers, suppliers and employees who are all stakeholders in our business and future success.”