Australia's major manufacturer of polyurethane foam products, Joyce Corporation Ltd is poised to embark on a new expansion phase in a bid to increase net profits by 125 per cent in 1996-97.

Addressing shareholders at the company's annual general meeting in Perth, the managing director, Mr Dan Smetana, said the company was ready to embark on a new era of growth and development after a period of consolidation in 1995-96.