Zotefoams PLC Trading Update (3523F)
May 17 2017 - 1:00AM
UK Regulatory
TIDMZTF
RNS Number : 3523F
Zotefoams PLC
17 May 2017
Zotefoams plc
("Zotefoams" or "the Company")
Trading Update
17(th) May 2017 - Zotefoams, a world leader in cellular
materials technology, today provides a trading update for the first
quarter ended 31 March 2017, ahead of its Annual General Meeting at
675 Mitcham Road, Croydon CR9 3AL at 10am. At this meeting Steve
Good, Chairman of Zotefoams plc, will make the following
statement:
"Group revenue for the first three months of the year was in
line with management expectations, being approximately 28% ahead of
the comparative period for the previous year and delivering a
record sales result for the first quarter. Revenue from Polyolefin
foams increased by 6% at constant currency with capacity
improvements, following recent investments, allowing us to meet
increased demand levels. High Performance Products sales benefitted
from increased demand for ZOTEK (R) PEBA, while the high-value
MuCell equipment contract, delayed from 2016, shipped in the
quarter. At constant currency, overall revenue growth was around
16% ahead of the comparative period for the previous year.
In Walton, Kentucky, USA, the previously delayed high-pressure
autoclave was delivered and passed its final acceptance testing in
April this year. The business is working hard to complete the
project and is now anticipating a start-up around the end of the
third quarter. Once operational, this investment will deliver
approximately 20% additional global capacity.
While it is still early in the year, and we are mindful of the
less stable political and macroeconomic environment, we continue to
expect 2017 to be another year of progress and remain confident
about the long-term prospects of the business."
- Ends -
Enquiries:
Zotefoams plc +44 (0)208 664 1600
David Stirling, Group
CEO
Gary McGrath, Finance
Director
FTI Consulting +44 (0)203 727 1000
Victoria Foster Mitchell
/ Simon Conway
About Zotefoams plc
Zotefoams plc (LSE - ZTF) is a world leader in cellular
materials technology. Using a unique manufacturing process with
environmentally friendly nitrogen expansion, Zotefoams produces and
sells lightweight AZOTE(R) polyolefin and ZOTEK(R) high-performance
foams for diverse markets worldwide. Zotefoams uses its own
cellular materials to manufacture T-FIT(R) advanced insulation for
demanding industrial markets. In addition, Zotefoams owns and
licenses patented MuCell(R) microcellular foam technology,
developed specifically for extrusion applications, from a base in
Massachusetts, USA to customers worldwide.
Zotefoams is headquartered in Croydon, UK, with additional
manufacturing sites in Kentucky and Oklahoma, USA (foam products
manufacture and conversion), Massachusetts, USA (MuCell Extrusion)
and Jiangsu Province, China (T-FIT(R)).
www.zotefoams.com
AZOTE(R), ZOTEK(R), T-FIT(R) are registered trademarks of
Zotefoams plc
MuCell(R) is a registered trademark of Trexel Inc.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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