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LONDON (Alliance News) - Cellular material technology company Zotefoams PLC on Wednesday said sales in the first quarter rose year-on-year, and it remains confident on its long-term prospects.
Zotefoams Chairman Steve Good, in a statement to be given at its annual general meeting, said sales in the first three months of 2016 were ahead of the record sales levels recorded in the first quarter of 2015.
Activity levels are "very high" in both market development and investment projects, Good said, and the group is investing more in its portfolio to back future growth.
Good added its new manufacturing facilities in Walton, Kentucky, which will increase its capacity, are due to be commissioned in the first half of 2017.
"While it is still early in the year and we are mindful of the potential impact of economic conditions we continue to expect 2016 to be another year of progress and remain confident about the long-term prospects of the business," the chairman said.
Zotefoams shares were up 3.0% to 291.50 pence early Wednesday, among the best performers in the FTSE All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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