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N+1 Brewin initiated coverage on foam manufacturer Zotefoams (ZTF) with an "add" recommendation and 200p price target. The broker recognises the share price has been a 'stunning performer' in the year to date, trading more than 50% higher, but Brewin continues to see long-term value in the group. Its ambitious management team, consistent financial track record - which has seen profits double in the past five years - and conservative forecasts leave the broker bullish about the stock
People recognising the value in this company now!
Solid figures and they are very positive about the coming year
Commenting on the results, Nigel Howard, Chairman, said: I am pleased to report our 2011 profit before tax increased by 16% to £5.47m (2010: £4.70m excluding exceptional items), which means that this profit measure has doubled in the last five years, equating to a compound annual growth rate of 15%. Moreover, we have achieved this whilst maintaining a strong balance sheet, with net funds of £1.92m at the end of 2011 (2010: net funds of £1.86m). We begin 2012 with a strong order book for both Azote® polyolefin foams and our portfolio of HPP products. Following on from a record sales year in 2011, orders for Azote® foams for the first quarter are well ahead of the comparable period last year. The outlook for our HPP foams is even more promising with confirmed orders for 2012 already ahead of HPP sales in 2011. We are of course influenced by global economic factors as well as the uncertainty associated with developing new products and markets. However, we enter 2012 with an exceptionally strong order book, a robust cash position, and the benefits of our considerable investments made in people and products in recent years. The Board is therefore very confident about the prospects for our business and expects 2012 to be another year of further progress.
Continued sales and profit growth Zotefoams plc ("Zotefoams", or "the Group" or "the Company"), the world leader in cellular material technology, today announces its preliminary results for the 12 months ended 31 December 2011. HIGHLIGHTS 2011 • Profit before tax and exceptional items up 16% to £5.47m (2010: £4.70m) • Basic earnings per share excluding exceptional items up 16% to 11.8p (2010: 10.2p) ¹ • Revenue up 11% to £44.21m (2010: £39.88m) • Ownership of MuCell Extrusion LLC ("MEL") increased to 100% • Successful placement of 1.5m shares (additional 4% of share capital) at 150p per share in March 2011 • Net cash of £1.92 million (31/12/10: £1.86m) ² • 5% increase in proposed final dividend to 3.30p per share (2010: 3.15p)³ 2012 • Strong order book: HPP ("High-Performance Polymers") orders already in excess of 2011 HPP sales • Capital expansion plan announced to support anticipated volume growth
.... results for 2011 are planned to be released on or around 6th March, so I guess we'll know about the dividend then
well all I can say are there are some solid fundamentals here which is not like most of the shares I seem to be in! This could also be a t/o target, a good company in a niche market making money, I bet a bigger fish wouldn't mind some of that, especially with all the cash on certain companies balance sheets these days. T/O is just a hunch and nothing more. Anyway, hope you are still in following another rise. I'm looking at 150p before I review my position here again, G/L
Hello Texas Pete. Am I missing something or is the Evolution £1.75 story nearly a year old? Why elsse the sudden jump in price? Any idea what their dividend is likely to be (based on a guess from previous divs)? I'm on a modest profit at the moment and a tiny bit keen to get out, but as is so often the case, my crystal ball is defective.
Have Evolution called it right?! Another nice rise, but this is a company making money and performing in line with expectations, not many of these about lately!
Up to 175p, nice
Followed this from afar for last couple of years and missed the climb past a quid. Looks like they are still as steady as ever. When the world stops day trading banks these will come back into fashion!
Zotefoams plc ("Zotefoams" or "the Company") Trading Update Zotefoams, which manufactures and sells high-performance foams, today provides a trading update following the Company's financial year end on 31 December 2011. Since the Interim Management Statement dated 24 October 2011, the business has once again performed in line with our expectations. Sales growth for the year has been approximately 9%, mainly driven by an increase in volumes. The average price of LDPE, our major raw material, in 2011 was approximately 13% higher than in 2010. Increases in selling prices and cost management maintained margins, whilst allowing continued investment in our business and the Board therefore expects profit before tax and exceptional items for the year ended 31 December 2011 will be in line with market expectations. Sales of Azote® polyolefin foams for the year were around 10% higher than in 2010. HPP (high-performance polymer) sales were marginally below the levels recorded in 2010, with underlying growth in 2011 replacing a large one-off aerospace programme completed in the prior year. MuCell Extrusion LLC ("MEL") is making encouraging progress with increasing numbers of customer trials of our patented technology. Engineering and equipment revenues, related to timing of project start-ups, fell by approximately $0.6m but license and royalty income grew strongly improving the overall sales mix. We are continuing to increase the resources within MEL to support and deliver the opportunities that we are creating. The Company intends to announce its preliminary results for the year ended 31 December 2011 on Tuesday, 6 March 2012
Interim Management Statement for the Quarter Ended 30 September 2011 Zotefoams, which manufactures and sells high-performance foams, announces its Interim Management Statement for the quarter ended 30 September 2011. In the quarter ended 30 September 2011 sales of polyolefin foams continued the growth trends experienced in the first six months of the year. Demand has been good from all major geographical markets and across end use segments. In our HPP (high-performance polymers) segment, sales in the quarter were ahead of the run rate in the first six months but, due to timing of shipments and delays in the North American aviation market, were below the levels of the very strong third quarter last year. Good underlying progress continues in this segment with particularly high levels of interest in our T-Tubes® advanced insulation products. MuCell Extrusion LLC continues to make encouraging progress with increasing numbers of customer trials of our patented technology. The business is strongly cash generative and we are currently seeking to add resources to address the scale of the opportunity we have created. The profit for the quarter benefited from the increased sales activity. The high raw material prices and supply disruptions reported in the first half of the year have eased although they did partially offset the benefit of the high sales activity in the period. Currently we are experiencing strong demand and an order book which extends into early 2012. The Board therefore remains confident about the outcome for the year.
http://investegate.co.uk/Article.aspx?id=201110240700226647Q
Commenting on the results, Nigel Howard, Chairman said: "The first half of 2011 was a solid period for Zotefoams with strong increases in Polyolefin Foam sales volumes in developed markets driving a 12% rise in pre-tax profit. During the period we came under significant input cost pressures and experienced supply disruptions. I am therefore particularly pleased that we have been able to maintain our first half 17% operating margin in Polyolefins through a combination of price increases and volume growth. We continue our strategy of exploiting our unique manufacturing process in the development of High-Performance Polymers ("HPP"). These products are at an early stage of commercial development and we are encouraged by their development. Finally we are delighted to have brought MuCell Extrusion LLC ("MEL") fully into the Group and are looking to invest further resource in support of our plans for growing this business."
Zotefoams plc Interim Results for the Six Months Ended 30 June 2011 Highlights · Like-for-like revenue up 10% to £21.69 million (2010: £19.64m)1 · Profit before tax increased by 12% to £3.28 million (2010: £2.92m) · Interim dividend increased to 1.6 pence per share (2010: 1.5p) · Ownership of MuCell Extrusion LLC ("MEL") increased to 100% · Successful placement of 1.5m shares (additional 4% of share capital) at 150p per share · Net cash of £2.0 million at 30 June 2011 (£0.2m at 30 June 2010)2 1 Excluding the consolidation of MEL. 2 Net cash/net debt are defined as cash less bank overdrafts and other bank borrowings.
05/07/2011 Ben Jaglom Reduce text size Decrease text size Increase text size Increase text size Print article Print Share this article Share Email article to a friend Email High-performance foams maker Zotefoams (ZTF) has warned that rising raw material prices have 'impacted margins in the short term.' In a trading update the fully-listed venture reported a 10% increase in like-for-like sales for the six months to July due to growth in sales of its Azote polyolefin foam products. Meanwhile sales of its high-performance polymers were described as being at a 'similar level to that experienced in the first half of 2010'. Concerning MuCell Extrusion - the foam company, which it acquired control of in March, Zotefoams remarked that the newly acquired business is 'trading in line with our expectations' adding that it is planning to invest further resources to 'support our medium term plans for growth.' Raw material prices were described as being 'significantly higher than the equivalent period last year' with the group observing that there have been 'certain supply related issues caused by high levels of market demand for polymer products worldwide.' However it insists that the company is 'trading in line with expectations' adding that it remains confident of its future prospects. Following the announcement analysts at Evolution updated their forecasts. Pre-tax profits of £5.2 million on turnover of £43 million are pencilled in for the year to December 2011 with EPS of 9.9 and 10.8p forecast for 2011 and 2012, respectively. Last recommended by Growth Company Investor this March at 138.5p the shares currently trade at 147p. Trading at a respectable P/E rating of below 15x times 2011 earnings, shares in the company have recovered strongly from a 2009 low of below 50p. Despite this as a long-term play, they have not gained a great deal of ground since our 2001 recommendation at 102.5p. We see little reason to change our earlier hold rating.
Trading Update 5 July 2011 - Zotefoams, which manufactures and sells high-performance foams, today, announces its trading update for the six months ended 30 June 2011. Like-for-like sales excluding the consolidation of MuCell Extrusion LLC ("MEL") for the six months ended 30 June 2011 are approximately 10% above that in the same period last year driven by growth in our Azote® polyolefin foam products. Revenues from our High-Performance Polymers for the first half of 2011, which depend on the phasing of relatively large shipments, are at a similar level to that experienced in the first half of 2010. The integration of MEL, which is trading in line with our expectations, into the Zotefoams Group is now substantially complete. We are planning to invest further resource in this business to support our medium term plans for growth. As previously reported, raw material prices have been significantly higher than the equivalent period last year with certain supply related issues caused by high levels of market demand for polymer products worldwide. This has impacted margins in the short term but now operational improvements and the benefit of sales price increases are being seen in the business. Overall, with the benefit of higher sales levels in the first half of the year, the Company is trading in line with expectations and the Board remains confident of the Company's future prospects. The Company will announce its interim results for the six months ended 30 June 2011 on Tuesday, 2 August 2011.
Excellent upbeat update