Speciality chemicals group Zirax is in bullish mood after lifting annual pre-tax profits a modest 6.4 per cent to �945,000.

London-headquartered Zirax, chaired by former Lord Mayor of London Sir Michael Oliver and run by Russian chief executive officer Valery Andosov, increased revenues 20 per cent up at �11.4 million. Operating profits nearly doubled to �1.65 million before 'exceptional' costs of �660,000 associated with the company's December AIM float, which raised �6 million.

Zirax produces modern and fairly environmentally friendly de-icing products for the City of Moscow and other clients, made in its production facility at Volgagrad (formerly Stalingrad). The company is also world Number Two in making specialist process chemicals for oil and gas exploration wells, sold to multinational energy groups, with a handful of giant multinational competitors such as Dow Chemical and Tetra.

De-icing revenues grew 15 per cent last year to �9.5 million and oilfield process chemicals sales advanced 42 per cent to �1.9 million. Shares in Zirax, which raised �7.75 million in December at 15p, now trade at 13.5p and look speculative in the short term.

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Zirax	AIM	�24.99m	14.50p	0.00p
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