Last checked at 19 May 2014 07:00
19 May 2014
Zotefoams plc
("Zotefoams" or "the Company")
AGM Statement and Interim Management Statement
19 May 2014 - Zotefoams, a world leader in cellular material technology, is issuing this trading update and interim management statement for the first quarter ended 31 March 2014 ahead of its Annual General Meeting tomorrow at 675 Mitcham Road, Croydon CR9 3AL at 10am. At this meeting Nigel Howard, Chairman of Zotefoams plc, will make the following statement:
"Overall trading performance for the first four months of the year is in line with management expectations.
"We have experienced good volume growth in our Polyolefin foams business in the first four months of the year across the UK, Europe, North America and Asia. We have also experienced strong growth in our High-Performance Products with a particularly strong performance from our T-Tubes® insulation products into India and China.
"On 22 April 2014 Unilever announced that its Dove Body Wash bottles in Europe will be made using our MuCell® technology. Following this announcement we have experienced increased commercial interest in our technology and we continue to increase resources in this business.
"As a predominantly UK-based exporter we are influenced by raw material prices and currency. The average euro price of our main raw material, LDPE (low density polyethylene), for the first four months of the year has been similar to the average euro price for 2013. With the recent strengthening of sterling we will benefit slightly from purchasing LDPE in euros although this will be outweighed by the impact on our foreign currency sales and assets.
"Overall the Board continues to expect an improvement in performance in 2014 and remains confident about the long-term prospects for our business."
Enquiries: | |
Zotefoams plc | 0208-664-1600 |
David Stirling, Managing Director | |
Clifford Hurst, Finance Director | |
FTI Consulting | 0203-727-1000 |
John Dineen, Victoria Foster Mitchell |
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
ZOTEK® is a registered trademark of Zotefoams plc. MuCell® is a registered trademark of Trexel Inc. T-Tubes® is a registered trademark of UFP Technologies Inc.