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http://www.investegate.co.uk/Article.aspx?id=201108020700105293L
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.
http://www.investegate.co.uk/Article.aspx?id=201107050700087555J
At last somethink positive
pretty positive imo..
Excellent upbeat update
AGM Statement and Trading Update At today's Annual General Meeting Nigel Howard, Chairman of Zotefoams plc, will make the following statement: "At the time of the preliminary results announcement for the 12 months ended 31 December 2010 on 8 March 2011, I commented that we had seen very strong levels of order intake. I am pleased to say that these trends have continued with both Azote® polyolefin foam and High-Performance Polymers ("HPP") foam sales for the first four months of 2011 significantly ahead of the same period last year. Sales of HPP products for the first half, which depend on the phasing of relatively large shipments, are anticipated to be at a similar level to that experienced in the first half of 2010. The robust sales performance in our Azote® business experienced to date is continuing in the second quarter of 2011. As I reported on 8 March 2011, high levels of market demand for polymer products worldwide are leading to rising raw material prices and certain supply related issues. These trends have continued and we are increasing our selling prices while continuing to seek alternative sources of material supply to mitigate the impact. On 30 March 2011 we purchased the remaining 70% of MuCell Extrusion LLC ("MEL") that we previously did not own, which was partially financed by a placing of new shares to raise gross proceeds of approximately £2.3 million. Integration of MEL into Zotefoams is proceeding well and I am pleased to welcome its employees into the Zotefoams Group. The MEL technology, which is licensed to polymer extruders across a wide variety of industries, adds to our portfolio of growth opportunities for the future. Demand from our customers is currently high and our order book is strong. We have a solid balance sheet, a wide variety of options for future growth and the Board therefore remains confident about the long-term prospects of the business."
http://www.investegate.co.uk/Article.aspx?id=201105120700144579G
Commenting on the Acquisition and the Placing, Nigel Howard, Chairman, said: "I am delighted that the MuCell® extrusion technology, as used in our recently launched microZOTE® roll foams, is now 100 per cent. owned by Zotefoams. The MuCell® foaming method is aligned with global trends of environmentally friendly technology and reduced material content. Zotefoams operates a unique block foam process in the manufacture of our core product lines and understands the benefits of the MuCell technology to licensees in many markets. We anticipate that MuCell will benefit from further investment by Zotefoams as well as from our financial backing and global reach."
HIGHLIGHTS · Acquisition of remaining 70 per cent. interest in MuCell for total cash consideration of $7.5 million; · Initial cash payment of $4.0 million and deferred cash payments of $2.0 million and $1.5 million payable on or before 20 January 2012 and 30 July 2012, respectively; · Placing of 1,534,219 new Ordinary Shares at a price of 150 pence per new Ordinary Share; · Placing Price represents a 4.2 per cent. discount to the closing middle market price of 156.5 pence per Ordinary Share on 30 March 2011; · Placing Shares will represent approximately 3.85 per cent. of the Company's enlarged issued share capital immediately following completion of the Placing; · The net proceeds of the Placing will be used to partially fund the Acquisition and provide additional working capital for the Company; · The Acquisition is not conditional upon the Placing; and · Evolution Securities Limited acted as sole bookrunner and broker to the Company.
posted in error
http://www.investegate.co.uk/Article.aspx?id=201103310700119673D
http://www.investegate.co.uk/Article.aspx?id=201103310700129695D
Good Day Today.. more to follow IMHO.. DYOR etc
ZTF aint looking bad either 8-)..
looking good mystic
and very upbeat comments Commenting on the results, Nigel Howard, Chairman, said: "I am pleased to report a strong set of results for 2010. Sales of AZOTE® polyolefin foams increased by 22% from the low levels experienced in 2009, with the recovery broadly spread across all of our major geographic sales regions. Turnover growth of 79% in Asia was particularly pleasing given our focus on this region. Our High-Performance Polymer foam sales grew by 51% and in the opening months of 2011 we have received our first sales order for our microZOTE® roll foam line and made our first sale of Pebaxfoam® to the sports and leisure market. As our profits and dividend cover have significantly increased the Board now intends to adopt a progressive dividend policy subject to profit growth, investment requirements and the other needs of the business. We enter 2011 with a robust cash position as well as a wide variety of options for future growth and the Board is therefore confident about the long-term prospects for our business."
Great results - the recent drop should soon be long forgotten http://www.investegate.co.uk/Article.aspx?id=201103080700094930C
As our profits and dividend cover have significantly increased the Board now intends to adopt a progressive dividend policy subject to profit growth, investment requirements and the other needs of the business. We enter 2011 with a robust cash position as well as a wide variety of options for future growth and the Board is therefore confident about the long-term prospects for our business."
HIGHLIGHTS · Revenue increased 25% to £39.88 million (2009: £31.82 million) · Profit before tax and exceptional items increased 49% to £4.70 million (2009: £3.16 million)1 · HPP (High-Performance Polymers) foams sales grew 51% to £2.49 million (2009: £1.64 million) · Turnover growth of 79% recorded in Asian markets · Net cash of £1.86 million at 31 December 2010 (net debt of £0.43 million at 31 December 2009)2 · 5% increase in the proposed final dividend to 3.15p per ordinary share (2009: 3.00p)
just a shame sp dropped 18% over past few weeks http://www.investegate.co.uk/Article.aspx?id=201103080700094930C
topping up.. RNS dated 4th of january http://www.investegate.co.uk/Article.aspx?id=201101041500188886Y
I have no interest in this stock. However, Enirtak might take note of the year those comments were made.
That was interesting wasnt it? It did infact drop that 10%...