Last checked at 24 Oct 2011 07:00
Zotefoams plc
("Zotefoams" or "the Company")
Interim Management Statement for the Quarter Ended 30 September 2011
Zotefoams, which manufactures and sells high-performance foams, announces its Interim Management Statement for the quarter ended 30 September 2011.
In the quarter ended 30 September 2011 sales of polyolefin foams continued the growth trends experienced in the first six months of the year. Demand has been good from all major geographical markets and across end use segments.
In our HPP (high-performance polymers) segment, sales in the quarter were ahead of the run rate in the first six months but, due to timing of shipments and delays in the North American aviation market, were below the levels of the very strong third quarter last year. Good underlying progress continues in this segment with particularly high levels of interest in our T-Tubes® advanced insulation products.
MuCell Extrusion LLC continues to make encouraging progress with increasing numbers of customer trials of our patented technology. The business is strongly cash generative and we are currently seeking to add resources to address the scale of the opportunity we have created.
The profit for the quarter benefited from the increased sales activity. The high raw material prices and supply disruptions reported in the first half of the year have eased although they did partially offset the benefit of the high sales activity in the period.
Currently we are experiencing strong demand and an order book which extends into early 2012. The Board therefore remains confident about the outcome for the 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 a world leader in cellular material technology. Using a unique manufacturing process with environmentally friendly nitrogen expansion, Zotefoams produces light-weight 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