Last checked at 5 Jul 2011 07:00
Zotefoams plc
("Zotefoams" or "the Company")
Trading Update
5 July 2011 - Zotefoams, which manufactures and sells high-performance foams, today, announces its trading update for the six months ended 30 June 2011.
Like-for-like sales excluding the consolidation of MuCell Extrusion LLC ("MEL") for the six months ended 30 June 2011 are approximately 10% above that in the same period last year driven by growth in our Azote® polyolefin foam products. Revenues from our High-Performance Polymers for the first half of 2011, which depend on the phasing of relatively large shipments, are at a similar level to that experienced in the first half of 2010.
The integration of MEL, which is trading in line with our expectations, into the Zotefoams Group is now substantially complete. We are planning to invest further resource in this business to support our medium term plans for growth.
As previously reported, raw material prices have been significantly higher than the equivalent period last year with certain supply related issues caused by high levels of market demand for polymer products worldwide. This has impacted margins in the short term but now operational improvements and the benefit of sales price increases are being seen in the business.
Overall, with the benefit of higher sales levels in the first half of the year, the Company is trading in line with expectations and the Board remains confident of the Company's future prospects.
The Company will announce its interim results for the six months ended 30 June 2011 on Tuesday, 2 August 2011.
Enquiries: |
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Zotefoams plc 0208-664-1600 | |
David Stirling, Managing Director |
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Clifford Hurst, Finance Director |
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Financial Dynamics Limited 0207-831-3113 |
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Ben Brewerton/John Dineen |
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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