Last checked at 18 May 2016 07:00
ZOTEFOAMS plc
("Zotefoams" or "the Company")
AGM Trading Update
18 May 2016 - Zotefoams, a world leader in cellular material technology, is issuing this trading update for the first quarter ended 31 March 2016, ahead of its Annual General Meeting at 675 Mitcham Road, Croydon CR9 3AL at 10am. At this meeting Steve Good, Chairman of Zotefoams plc, will make the following statement:
"Sales for the first three months of the year were ahead of the record first quarter delivered in 2015. Activity levels are very high in both market development and investment projects, with additional resources invested to deliver the strong portfolio of opportunities for future growth. These opportunities utilise Zotefoams' unique technology in new ways, such as the foaming of complex three-dimensional shapes, or build on existing product and market knowledge and offer the possibility of developing completely new markets or applications.
In Walton, Kentucky, USA, the major investment in global manufacturing capacity is expected to be commissioned in the first half of 2017. This timetable is now linked to the delivery of the high-pressure autoclave which will add approximately 20% to Group capacity in this key process. Zotefoams Inc. has also placed an order for a second high-pressure autoclave to be delivered approximately six months after the first autoclave. The Board feels that the assurance given by having a second vessel available to add to global capacity at shorter notice is the right decision for this stage in the development of our business.
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."
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Enquiries:
Zotefoams plc | +44 (0)208 664 1600 |
David Stirling, Managing Director | |
Gary McGrath, Finance Director | |
FTI Consulting | +44 (0)203 727 1000 |
Victoria Foster Mitchell / Simon Conway |
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 under the family brand names AZOTE® and ZOTEK® 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-FIT® advanced insulation systems made from its patented ZOTEK® fluoropolymer foams.
AZOTE®, T-FIT® and ZOTEK® are registered trademarks of Zotefoams plc. T-TUBES® is a registered trademark of UFP Technologies Inc. MuCell® is a registered trademark of Trexel Inc, licensed exclusively to MuCell Extrusion LLC for use in microcellular foaming of extrusion products.
www.zotefoams.com