Last checked at 15 May 2013 07:00
15 May 2013
Zotefoams plc
("Zotefoams" or "the Company")
AGM Statement and Interim Management Statement
At today's Annual General Meeting Nigel Howard, Chairman of Zotefoams plc, will make the following statement:
"In the first four months of 2013 Zotefoams has seen a more subdued level of sales than in the same period last year. This has been most evident in our polyolefin foams business in Germany and Japan, where significant destocking has occurred coincident with improvements in our order lead times. Overall the remainder of the polyolefin foams business is performing in line with our expectations, as is our High-Performance Polymer ("HPP") foams business. Although sales in MuCell Extrusion LLC are marginally behind the levels seen at this time last year our order book for equipment, a leading indicator of future royalty and licence revenue, is at record high levels.
"The price of our main raw material, LDPE (low density polyethylene), which has been relatively stable in 2013, is now showing signs of dipping down closer to the average price seen in 2012. Currency rates for the US dollar and Euro have remained beneficial to our export-led business.
"The start to the year has been slower than the very strong comparative period last year. We anticipate an improvement in polyolefin sales in the remainder of the year and continue to see good progress in our HPP and MuCell businesses. While being mindful of near-term macro-economic conditions, the Board remains confident about the longer term prospects for our business and its wide variety of options for future growth."
Enquiries: | |
Zotefoams plc | 0208-664-1600 |
David Stirling, Managing Director | |
Clifford Hurst, Finance Director | |
FTI Consulting | 0207-831-3113 |
Ben Brewerton, John Dineen |
About Zotefoams plc
Zotefoams plc (LSE - ZTF) is a world leader in cellular material technology. Using a unique manufacturing process with environmentally friendly nitrogen expansion, Zotefoams produces lightweight foams in Croydon, UK and Kentucky, USA for diverse markets worldwide through its global sales force. Zotefoams also owns and licenses patented MuCell® microcellular foam technology from a base in Massachusetts, USA to customers worldwide and sells T-Tubes® advanced insulation systems made from its patented ZOTEK® fluoropolymer foams.
www.zotefoams.com