Last checked at 23 Oct 2009 07:00
23 October 2009
Zotefoams plc
("Zotefoams" or "the Company")
Interim Management Statement for the Quarter Ended 30 September 2009
Zotefoams, which manufactures and sells high-performance foams, announces its Interim Management Statement for the quarter ended 30 September 2009.
Sales activity adjusted for normal seasonality, increased in the quarter compared with the low levels experienced in the first six months of 2009. Profit for the quarter benefited from higher levels of activity, favourable exchange rates and the cost reductions implemented earlier in the year. Despite recent increases, the price of LDPE (low-density polyethylene), our major raw material, remains below the very high levels seen at this time last year.
Overall, seasonally adjusted sales in the quarter in our polyolefin segment improved in all major geographical markets compared with the first six months of this year, although recovery in the UK lags the stronger activity in other markets. In our HPP (high-performance polymers) segment, sales in the quarter continued to be significantly ahead of last year driven by our ZOTEK® F fluoropolymer foams and T-TubesTM high-performance insulation products.
Global economic activity remains uncertain and, as is normal, our business has limited visibility of forward orders particularly into 2010. However, the order book for October is strong and the Board expects profit before tax and exceptional items for the year ended 31 December 2009 to exceed market expectations.
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.