Zotefoams PLC Third Quarter Trading Update (1767V)
November 01 2017 - 2:00AM
UK Regulatory
TIDMZTF
RNS Number : 1767V
Zotefoams PLC
01 November 2017
Zotefoams plc
("Zotefoams" or the "Company" or "Group")
Trading Update
1(st) November 2017 - Zotefoams, a world leader in cellular
materials technology, today provides a trading update for the third
quarter ended 30 September 2017.
Zotefoams is pleased to report continued strong trading during
the third quarter, maintaining the momentum of organic sales growth
experienced in the first half of the year.
-- Full year revenues expected to be ahead of market expectations
-- Adjusted profit before tax and exceptional items for the year
ending 31 December 2017 expected to be at the top end of the range
of market expectations
-- Group revenue 22% ahead for the third quarter against the comparative period
-- Group revenue 24% ahead for the first nine months against the comparative period
In constant currency sales grew 16% in the third quarter
following a 14% increase for the first six months of the year. The
year-to-date growth has been delivered across all business units,
with particularly strong growth in High-Performance Products,
during the third quarter.
Management continues to invest in its strong portfolio of growth
prospects and to manage the higher growth rates of early stage
opportunities. The order book for the fourth quarter gives
confidence that the Company will exceed market expectations for
Group revenue and therefore, at current foreign exchange rates, the
Board expects adjusted profit before tax and exceptional items for
the year ending 31 December 2017 to be at the top end of the range
of market expectations.
Commenting on the update David Stirling, Group CEO of Zotefoams,
said:
"We are delighted with the strong organic growth achieved across
all business units during the third quarter of 2017. Our ambition
is to establish ourselves as the world leader in cellular materials
technology in our chosen markets. To achieve this ambition, we are
investing significantly in new equipment and enhanced business
capability. The Board is confident of another year of positive
progress and about the long-term prospects for the business."
- Ends -
Enquiries:
Zotefoams plc +44 (0) 208 664 1600
David Stirling, Group
CEO
Gary McGrath, Group CFO
IFC Advisory +44 (0) 203 053 8671
Graham Herring
Miles Nolan
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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