Last checked at 11 May 2010 07:00
11 May 2010
Zotefoams plc
("Zotefoams" or "the Company")
AGM Statement and First Quarter 2010 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 2009 on 9 March 2010, I commented that we had experienced an encouraging start to 2010 with improved volumes across all of our major territories in our Azote® business and that we were continuing to make good progress in our High-Performance Polymers ('HPP') business.
I am pleased to report that these trends have continued with Azote® sales at the end of the first quarter of 2010 significantly ahead of the same period last year in all of our major territories and a good start being made to the second quarter. HPP sales were also well ahead at the end of the first quarter and based on the current order book will have a strong second quarter.
While demand from our customers is currently robust we anticipate trading conditions may be more challenging in the second half of the year given the current global economic uncertainty. As I reported on 9 March 2010, raw material prices are much higher than we experienced in this period last year. Notwithstanding this, we expect results for the first six months of the year to be significantly ahead of the same period last year and the Board is confident that the Company is well placed for the full year."
Enquiries:
Zotefoams plc 0208-664-1600
David Stirling, Managing Director
Clifford Hurst, Finance Director
Financial Dynamics Limited 0207-831-3113
Ben Brewerton/John Dineen
About Zotefoams plc
Zotefoams plc (LSE - ZTF) is the world's leading producer of light weight, cross-linked, closed-cell block foams. These pure, consistent foams are manufactured using a unique environmentally friendly nitrogen expansion technology. Zotefoams was the first to develop cross-linked polyolefin foams and is increasingly using its production technology to manufacture foamed materials based on high-performance polymers. Based in Croydon, UK, Zotefoams also manufactures in Kentucky, USA and markets its products worldwide through a global sales network.